Planning for a transfer of MySuper produPlanning for a transfer of MySuper product assets

Planning for a transfer of MySuper product assets

36. Where APRA notifies an RSE licensee that its authority to offer a MySuper product may be cancelled by APRA[15], the RSE licensee must document, within a time period specified by APRA, a plan that demonstrates preparedness to transfer any MySuper product assets to another MySuper product (MySuper assets transfer plan).[16]

37. An RSE licensee must nominate a MySuper product to receive the MySuper product assets (the receiving MySuper product) that meets the following requirements[17]:

(a) the RSE licensee of the receiving MySuper product has determined, in writing, in its most recent annual determination, that the financial interests of the beneficiaries who hold the MySuper product are being promoted by the RSE licensee[18]; and

(b) APRA has determined that the receiving MySuper product has met the requirement in relation to the most recent legislative annual performance assessment and is not closed to new members.[19]

38. An RSE licensee must ensure that its MySuper assets transfer plan has regard to:

(a) the RSE licensee’s risk appetite as set out in its risk management framework[20];

(b) the RSE licensee’s business plan; and

(c) any other plans developed and maintained pursuant to this Prudential Standard, CPS 190 and Prudential Standard CPS 900 Resolution Planning.

39. An RSE licensee’s MySuper assets transfer plan must, at a minimum, include:

(a) the governance arrangements for the transfer of MySuper product assets, including the role of the Board;

(b) a description of the roles and responsibilities of stakeholders with a key role in the transfer process;

(c) the name of the MySuper product to which the RSE licensee considers that the assets should be transferred[21];

(d) the name of the receiving RSE licensee that has agreed in-principle to receive the MySuper product assets from the transferring RSE licensee; and

(e) a communication strategy that will be deployed in the event that the authority to offer a MySuper product is cancelled.

40. APRA may require an RSE licensee to develop and implement additional actions to support the orderly transfer of MySuper product assets to a receiving MySuper product.