In the media
Government moves to repeal member
protection
AIST – 17 January 2013 – Currently under these
standards, a member with an account balance of less than $1000
generally cannot have their balance reduced by administrative fees
that are greater than the earnings accruing to their account. AIST
will be making a submission, which is due on February 13.
More...
Why life insurance is tipped to cost more and
more
MEDIA – 16 January 2013 – Experts said the pricing for
superannuation insurance sector is playing catch-up with the
broader retail insurance sector as its margins are being eroded by
the rise in claimants.
More...
Super funds vulnerable to hoaxers
ACSI – 14 January 2013 – Superannuation funds will be
more exposed to Whitehaven-style hoaxes, the Australian Council of
Superannuation Investors has warned. The manager of institutional
investments for ACSI said new laws that forced funds to disclose
which companies they invested in would give environmental groups a
database of targets.
More...
Advisers at risk over asset-based fees
MEDIA – 11 January 2013 – Advisers might need to change
the way that they charge asset-based fees, which can create
conflicts of interest, according to finance consulting groups, and
regulation outlined in the ASIC's
regulatory guide 175, does not stamp-out asset-based fees, but
it does mean many advisers are at risk of falling foul of the
Conflicts Priority Rule. More...
APRA superannuation fund level performance
data
APRA performance data for individual superannuation funds, covering
the nine year period from 2004 to 2012 (09 January 2013). More...
APRA annual superannuation figures to 30 June
2012
APRA Annual Superannuation Bulletin for the financial year to 30
June 2012 (09 January 2013). More...
Reminder: Proposed regulation amendments to remove
member protection standards Government moves to repeal member
protection
The released details of proposed regulation
amendments to remove member protection standards from the SIS
Regulations, commence 1 July 2013. MySuper fee rules and recent
changes to Lost Super effectively make the member protection
standards redundant. Submissions close February 13 (17 January
2013).
More...
Gazette GN 2 - Superannuation Industry (Supervision) Act
1993
COMMONWEALTH OF AUSTRALIA 16/01/13 016Q1356
Notice of Disqualification – Anne Barbara Milne, Colleen
Howard, Deng Nouansengsy, Emma Louise Milne, James Duursma, John
Debenham Milne, Peter Debenham Milne, Phimphayvanh Inthachanh, Quoc
Nguyen, Ross Howard, Tan Luong.
Reminder: Superannuation prudential practice guides
released December 2012
The Australian Prudential Regulation Authority (APRA) has released
for consultation a
discussion paper and 10 draft prudential practice guides (PPGs)
for the superannuation industry on matters that a registrable
superannuation entity licensee (RSE licensee) may consider to
assist it in meeting the requirements in APRA's prudential
standards. A second set of draft PPGs will be released for
consultation in the second quarter of 2013.
More...
Association of Superannuation Funds of Australia Limited
(ASFA) submissions January 2013
4 January – Submission:
To the Australian National Audit Office with respect to APRA
levies.
4 January – Submission:
To Treasury on draft regulations regarding the replacement of the
accountants' exemption.
Legislation
Commonwealth
Superannuation Data and Payment Standards 2012
Notification 11 January 2013 Registered
This standard provides a further interest of beneficiaries of
superannuation entities by improving the efficiency and
productivity of the superannuation system as a whole. The Standard
specifies the minimum requirements for dealing with payments and
information relating to certain transactions within the
superannuation system including employer contributions, rollovers
and transfers between superannuation entities and associated
reporting obligations for superannuation purposes. More...
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
