APRA has released its final materials dealing with the authorisation of MySuper products and the transition to MySuper. The materials are largely the same as the draft materials released by APRA in May.
Accrued default amounts
Trustees will no longer be required to identify accrued default amounts in order to apply for a MySuper authorisation, although trustees will still need to include with their applications a plan for identifying and moving accrued default amounts to a MySuper product. Further, trustees (whether or not they apply for a MySuper authorisation) will only have to identify accrued default amounts by 30 September 2013, not by 31 March 2013.
The draft application form required the applicant to attach a statement describing the expected demographic of the product. That requirement has been removed in the final forms.
There are now two application forms: one for a generic MySuper authorisation and another for a large employer or material goodwill MySuper authorisation. The form for a generic authorisation requires all relevant policies and information to be included. The form for the other authorisations allows the applicant to rely, to some extent, on policies and information previously provided in the application for the generic authorisation.