Super Alert – 5 November 2021

Welcome to the latest issue of the KHQ Super Alert – a quieter week of news for a change! This week, APRA published two new FAQs in relation to the Your Future, Your Super performance test, and the ATO issued a media release informing directors that they are now able to apply for their unique director identification number.

KHQ Lawyers - Super Alert

APRA – APRA and RBA’s commitment to climate change

On 4 November 2021, APRA, together with the Reserve Bank of Australia (RBA), issued a combined statement in relation to climate change and its effects on ‘the economy and the financial system’.  According to APRA, both it and the RBA ‘have been building capacity to conduct analysis and research’ in relation climate change issues, ‘and are actively considering the steps that can be taken to achieve their respective mandates in view of climate-related risks’.

APRA has indicated that it ‘will continue to deliver and enhance internal training programs to equip its supervisors with the necessary skills and knowledge on climate-related risks for the industries (across banking, insurance and superannuation) and financial entities for which they are responsible’.

Click here for details.

APRA – New Your Future, Your Super FAQs published

On 3 November 2021, APRA published two new frequently asked questions (FAQs) in relation to the Your Future, Your Super performance test. According to APRA, the FAQs ‘provide general and technical guidance to RSE licensees on the annual performance test’.

The two new FAQs provide details in relation to:

  • when APRA will ‘publish the performance test values for each MySuper product’; and
  • ‘the benchmark representative administration fees and expenses (RAFE)’ that APRA ‘used for the 2020-21 performance test’.

In relation to the former, APRA has indicated that it ‘intends to publish the values as part of its MySuper product heatmap, due to be released in December 2021’. In relation to the latter, the benchmark RAFE was 0.3286%.

Click here for details.

ATO – Applications open for Director Identification Numbers

On 2 November 2021, the ATO issued a media release informing directors that the online application process for obtaining their director identification number (DIN) is now live and operational. We have previously reported on DINs in our Super Alert of 8 October 2021 and Super Alert of 29 October 2021.

Click here for details.

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