Updated prudential standard on member outcomes finalised

Our August Super Update provides a comprehensive overview of APRA's updated SPS 515 Strategic Planning and Member Outcomes, effective 1 July 2025. We summarise key changes. We also cover APRA’s new guidance on operational risk management and on recovery and exit planning, and offer insights into recent regulatory developments and legislative updates relevant to trustees. This edition ensures you stay informed about crucial updates and best practices in the superannuation sector.

Highlights

Updated prudential standard on member outcomes finalised

APRA has finalised an updated version of SPS 515 Strategic Planning and Member Outcomes and related guidance, with a clear expectation that trustees must put members front of mind in every decision they make.

This Super Update gives a useful summary of the key changes APRA has made in the new version, which will commence on 1 July 2025, six months later than originally expected.

APRA guidance and relief on operational risk management and recovery and exit planning released

We also look at new APRA’s new guidance on operational risk management and on recovery and exit planning. New CPG 230 Operational Risk Management was released with a 12-month extension to the commencement of some requirements around business continuity for funds that are not significant financial institutions.

News in brief

Our news in brief section includes:

• ASIC’s recent report on the oversight of advice fee deductions by trustees
• APRA’s expectations on valuation governance practices
• Final financial sector levies for super for 2024-25
• Family Law interest rate determination for 2024-25
• The latest superannuation statistical publications.

Legislative update and guide to key changes

As usual, our legislative update provides the latest changes in the superannuation landscape and a guide to the key changes to superannuation and their effective dates.

For an in-depth understanding, to stay informed and help your members navigate their retirement journey with confidence, download our comprehensive Update prepared by our specialists.