APRA and ASIC have released the results of their joint review into how superannuation funds have implemented the retirement income covenant and have called on trustees to take urgent action to address the gaps in their approach.
This Super Update gives a valuable summary of the key findings and regulator expectations. WTW encourages funds to examine the examples described as demonstrating ‘better practice’ to inform and enhance their own strategies for members.
We also provide details of APRA’s updated SPG 530 Investment Governance and look at the financial reporting and auditing changes that were recently passed by parliament.
A comprehensive news in brief section includes the final performance test regulations, the release of the final version of CPS 230 Operational Risk Management, APRA’s Insight article on its cyber security stocktake, an AFCA fact sheet on requirements for trust deeds, final supervisory levies for 2023/24 and the latest superannuation statistical publications. And, as usual, we provide a legislative update and a guide to the key changes to superannuation and their effective dates.
| Title | File Type | File Size |
|---|---|---|
| Retirement income strategy review – actions for superannuation funds | .6 MB |
A replacement for prudential standard SPS 114 would mean enhanced and materially different obligations for trustees around maintaining financial resources for risk events in superannuation.
