Superannuation (prudential standard) determination No. 5 of 2024 (Cth)

Superannuation (prudential standard) determination No. 5 of 2024

Prudential Standard SPS 515 Strategic Planning and Member Outcomes

Superannuation Industry (Supervision) Act 1993

I, Clare Gibney, a delegate of APRA: (a) under subsection 34C(6) of the Superannuation Industry (Supervision) Act 1993 (the Act) REVOKE Superannuation (prudential standard) determination No. 2 of 2019, including Prudential Standard SPS 515 Strategic Planning and Member Outcomes made under that determination; and (b) under subsection 34C(1) of the Act, DETERMINE Prudential Standard SPS 515 Strategic Planning and Member Outcomes in the form set out in the Schedule, which applies to all RSE licensees. This instrument commences on 1 July 2025.

Dated: 29 July 2024

Clare Gibney Executive Director Policy & Advice Division

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

RSE licensee has the meaning given in section 10(1) of the Act.

Prudential Standard SPS 515

Strategic Planning and Member Outcomes About this Prudential Standard Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515) is the core prudential standard in the business operations pillar of APRA's superannuation prudential framework. It requires an RSE licensee to manage its business operations in a sound and prudent manner to achieve the outcomes it seeks for beneficiaries, consistent with all legal duties and obligations of the RSE licensee, including the duty to act in the best financial interests of beneficiaries and the sole purpose test. Key requirements relate to setting strategic objectives, conducting business planning, financial resource management, performance monitoring, outcomes assessment and transfer planning.

Authority 1. This Prudential Standard is made under section 34C and pursuant to section 29XA of the Superannuation Industry (Supervision) Act 1993 (SIS Act).