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APRA winds up super funds
TheAustralian Prudential Regulation Authorityhas wound up 396 superannuation funds and disqualified their trustees as part of its dissolution scheme for uncontactable superannuation funds.
At the same time, the regulator has also issued summonses against the trustees of a further 300 funds for failure to lodge past annual regulatory returns within the required time frame.
APRA’s deputy chairman, Ross Jones says the 396 schemes in the wind-up scheme had failed to identify themselves to APRA.
“The assets of these funds will transfer to the individual members on April 5 in accordance with the scheme’s provisions,” he says. “On this date, these funds will cease to exist, meaning they will no longer be regulated by APRA or eligible to claim superannuation tax concessions.”
APRA in December last year published a list of 477 uncontactable funds and advised any trustee or superannuation member who identified their fund on the list to immediate contact the regulator.
He says 65 of the funds named in that list had either provided the required information to APRA or had undertaken to do so.
Under the Superannuation Industry (Supervision) Act 1993, all APRA regulated superannuation funds are obliged to lodge returns within the prescribed time frame. Failure to lodge a return is an offence, making trustees liable for prosecution by APRA.
AUTHOR
Mike Taylor
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