Superannuation funds will have an opportunity to define both the costs and benefits of the Federal Government's move to the new MySuper regime under arrangements outlined by the Australian Prudential Regulation Authority (APRA).
APRA today released a discussion paper on the proposed arrangements for the authorisation of MySuper products and made clear that the costs and benefits of the process were part and parcel of the consultation arrangements.
It said that respondents were open to provide an assessment of the impact of the proposed changes, and specifically, any marginal compliance costs that APRA-regulated entities are likely to face.
"Given that APRA's proposed requirements may impose some compliance costs, respondents may also indicate whether there are any other relevant regulations that should be improved or removed to reduce compliance costs," the discussion paper said.
Commenting on the release of the discussion paper today, APRA deputy chairman, Ross Jones said the proposed authorisation requirements had been carefully aligned with the legislative requirements.
He said the regulator was encouraging Registrable Superannuation Entities (RSEs) considering offering a MySuper product to use the draft application form and instructions in discussions with their board on their plans.
