Submission

Wednesday, 29 May 2019

APRA member outcomes consultation

AIST submits that APRA’s proposed changes to Prudential Standard SPS 515 do not properly align it with the recent member outcomes assessment legislation. The promotion of the financial interests of members required by law must be reflected in the prudential standards, especially by giving primary consideration to the long-term net returns that deliver optimal retirement incomes to members. AIST proposes amendments and calls for the development industry benchmarks to support the assessment process.