Superannuation funds will be required to undertake an annual Business Performance Review under new guidelines issued by the Australian Prudential Regulation Authority (APRA) consistent with the recent passage of the Government’s Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.1 Bill 2019).
The regulator this week wrote to all superannuation funds notifying that it has revised the relevant prudential standard consistent with the legislation including a legislated outcomes assessment.
It said that the revisions would require superannuation funds to undertake a Business Performance Review as part of their strategic and business planning processes.
The letter said funds would need to be both reflective and forward-looking in identifying improvements that could be made to enhance the sound and prudent management of their business operations, and to drive the sustainable delivery of better outcomes for members.
The letter said APRA was proposing to maintain an implementation date of 1 January, next year, meaning that the first Business Performance Review would need to be undertaken by 31 December, next year.