Issue 581, 6 October 2015
In this issue:
- Consultation on second round of changes to lost member and unclaimed money rules
- Reminder: APRA consultation on prudential standards and guidance on governance reforms
Consultation on second round of changes to lost member and unclaimed money rules
On Tuesday 29 September the Treasury released exposure draft legislation for consultation on the 2015/16 Budget measure to reduce red tape for superannuation funds and individuals by streamlining lost and unclaimed superannuation administrative arrangements.
The measure:
- allows Eligible Rollover Funds to proactively consolidate accounts they hold into the active superannuation accounts of members without their consent
- ensures that members who interact with their superannuation fund through contemporary means of communication such as email and online interactions, are not inadvertently deemed to be lost members
- removes a rule that arguably prevents the identification of certain lost inactive members, that is by removing the ’employer-sponsored’ members rule.
The changes are to apply from 30 June 2016.
If you have any comments that you would like ASFA to consider including in a submission to the Treasury on the exposure draft, please forward them to David Graus by close of business Monday, 12 October 2015.
Reminder: APRA consultation on prudential standards and guidance on governance reforms
As advised in ASFA Action issue 578, APRA has released a consultation package on governance arrangements for registrable superannuation entity (RSE) licensees of APRA-regulated superannuation funds. The package proposes:
- amendments to Prudential Standard SPS 510 Governance and to Prudential Practice Guide SPG 510 Governance
- a new draft Prudential Standard SPS 512 Governance Transition and Prudential Practice Guide SPG 512 Governance Transition.
APRA is seeking comments on the draft prudential standards and prudential practice guides by Friday, 23 October 2015.
If you have any comments that you would like ASFA to raise with APRA on the prudential standards and the prudential practice guides, please send your feedback to Jon Echevarria by close of business Wednesday, 14 October 2015.