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21 Jan 2021 APRA Updates

Superannuation early release scheme weekly data update 

APRA has published the latest industry-level and fund-level data on the temporary early release of superannuation scheme.

The Early Release Initiative statistics for applications received between 20 April 2020 – 20 December 2020 are available on the APRA website at: COVID-19 Early Release Scheme.

Read more here

APRA revises proposed changes to prudential standard governing insurance in superannuation

APRA has revised the draft Prudential Standard SPS 250 Insurance in Superannuation (SPS 250) for a second round of consultation to improve superannuation member outcomes by helping trustees select the most appropriate insurance policies for their members and monitoring their ongoing relationships with insurers. 

APRA has also released the draft Prudential Practice Guide SPG 250 Insurance in Superannuation (SPG 250) to provide guidance on the proposed amendments.

Revised draft SPS 250 has been issued in response to the November 2019 consultation feedback to clarify:

The revised draft SPS 250 will come into effect on 1 January 2022.

Consultation closes on 5 March 2021 and APRA intends to finalise the revised SPS 250 and SPG 250 in mid-2021.

Read more here.

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