Combining MySuper product performance histories - APRA’s approach
|Combining MySuper product performance histories - APRA’s approach||556.88 KB|
The 'Your Future, Your Super' measures came into effect on 1 July 2021 and are designed to ensure superannuation works in the best financial interests of all members. APRA is supporting the Australian government in implementing the 'Your Future, Your Super' measures in three key areas:
1. Administering the annual performance test for superannuation products and holding funds to account for underperformance, which includes enhancing industry transparency through publication of the results of the performance test;
2. Providing superannuation data to the Australian Tax Office for inclusion in the YourSuper comparison tool, empowering members to choose a well-performing product that meets their needs; and
3. Ensuring investment governance and fund expenditure is in line with members’ best financial interests
The focus of this paper is on APRA’s approach to administering the performance test, where APRA has flexibility in administering the performance test, and APRA’s approach to providing investment performance data to the ATO for inclusion in the comparison tool.