CTHIn ForceLegislation
Superannuation (prudential standard) determination No. 5 of 2024
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Superannuation (prudential standard) determination No. 5 of 2024
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Turn the raw legal text into a practical explanation grounded in Superannuation (prudential standard) determination No. 5 of 2024.
30. An RSE licensee must be able to demonstrate how it is taking timely remedial action where expected outcomes it seeks for beneficiaries are not being achieved, including where relevant triggers have been met as set out in paragraph 24 of this Prudential Standard.
31. An RSE licensee must take appropriate and timely steps to prepare for circumstances that may necessitate a transfer of beneficiaries out of, or into, its RSE(s), including where relevant triggers have been met as set out in paragraph 24 of this Prudential Standard.
Where an RSE licensee has received a determination from APRA that one or more of its products has not met the requirements of the legislated annual performance assessment under section 60D(1) of the SIS Act, the RSE licensee must document its plan for responding to this determination in a timely manner. This plan may include, but is not limited to:
(a) remedial actions to improve the performance of such products; and (b) commencing preparations for a transfer of beneficiaries.
An RSE licensee must notify APRA if it has activated a plan made for the purposes of this paragraph.[13]