Document ID: chunk:federal_register_of_legislation:F2024L00940:body:0:p6
Version: federal_register_of_legislation:F2024L00940
Segment Type: other
Provision Reference: 
Character Range: 14409–17358

Dashboard.
    29.         Pursuant to section 52(11)(e) of the SIS Act, in determining whether the financial interests of beneficiaries of the RSE who hold a MySuper product or choice product are being promoted, an RSE licensee must also assess the following matters:
       (a)          whether, because of the scale of, and within, the RSE licensee's business operations, those beneficiaries are disadvantaged;
       (b)          whether the operating costs of the RSE licensee's business operations are adversely impacting the financial interests of those beneficiaries; and
       (c)          whether the basis for the setting of fees is appropriate for those beneficiaries.

Remedial actions and transfer planning[12]
    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.
32.         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]

Transfer of MySuper product assets
33.         Paragraphs 33 to 43 of this Prudential Standard only apply if an authority of an RSE licensee to offer a class of beneficial interests in a regulated superannuation fund as a MySuper product is cancelled, or if APRA notifies an RSE licensee that its authority to offer a MySuper product may be cancelled, by APRA under subsection 29U(1) of the SIS Act.
34.         The Board is accountable for ensuring that, following the cancellation of an authority to offer a MySuper product, any affected MySuper product assets are transferred into another MySuper product within the timeframe stipulated in section 29SAB of the SIS Act.[14]
35.         The Board must ensure that there are clear roles and responsibilities at a senior executive level for the purpose of meeting the requirements in paragraphs 36 to 43 of this Prudential Standard.

Planning for a transfer of MySuper product assets
36.         Where APRA notifies an RSE licensee that its authority to offer a MySuper