Effective 1 Jan 2020, trustees of registrable superannuation entities (RSEs) will face new requirements to conduct an annual business performance review (BPR), set strategic objectives, undertake business planning and manage expenses. Issued by the Australian Prudential Regulatory Authority (APRA), the revised Prudential Standard SPG 515 — Strategic and Business Planning accommodates the new annual assessments of member outcomes set out in Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019, which received royal assent in April 2019.
APRA has also opened a consultation on a draft Prudential Practice Guide SPG 516 — Business Performance Review. Comments are invited through 10 Oct 2019. APRA says that once finalized, SPG 516 should be read with SPG 515 to understand expectations for conducting the BPR and the annual outcomes assessment.
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