APRA retires sole purpose test guidance
The Australian Prudential Regulation Authority has announced it is retiring the guidance it has been providing around the superannuation funds sole purpose test.
The regulator said that the guidance, first issued in 2001, was no longer relevant.
The announcement came as APRA released a discussion paper dealing with SPS 515.
“SPS 515 goes to the heart of what trustees need to do. Updating the standard will ensure trustees have robust business operations and are held to account to deliver outcomes that are in the best financial interests of their members,” APRA deputy chair, Margaret Cole said.
Cole said the sole purpose test circular, published in 2001, had been created for a different generation of superannuation trustees.
“The circular was designed more than 20 years ago for a larger number of less sophisticated trustees. It offered general guidance and had no legal status or effect. Trustees are operating more mature businesses today and are well placed to make decisions consistent with their legislative duties.”
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