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APRA to transfer early super release program to DHS
New government legislation means early release of superannuation benefits on specified compassionate grounds (early release) will come under the authority of the Department of Human Services (DHS).
Following the Government's approval to transfer the administration of early release from the Australian Prudential Regulation Authority (APRA) to DHS in 2010, letters, forms and information brochures pertaining to early release will be issued by DHS on DHS letterhead when the legislation becomes effective from 1 November, APRA stated.
According to APRA and DHS, all references to APRA will be removed from all correspondence and information, but there would be no changes to the conditions of early release as outlined in the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Account Regulations 1997.
Applications for early release currently in progress will be affected by the transfer and will continue to be assessed in the same manner, both authorities stated.
According to the release from DHS and APRA, DHS has been administering early release on behalf of APRA since 3 February 2011.
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