ARTICLE · 14 OCTOBER 2004

Safety in Outsourcing: New Rules for Superannuation Trustees

Clayton Utz

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Superannuation trustees thinking of applying for a license under the new Safety in Superannuation licensing regime should commence due diligence on their existing outsourcing arrangements now. The Safety in Superannuation reform package that amended the <EM>Superannuation (Industry) Supervision Act</EM> and Regulations became effective on 1 July 2004. In addition to the introduction of a licensing regime for superannuation trustees and a registration regime for certain superannuation funds, the

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Jason Denisenko

Philip Sealey

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Key Point

Superannuation trustees thinking of applying for a license under the new Safety in Superannuation licensing regime should commence due diligence on their existing outsourcing arrangements now.

The Safety in Superannuation reform package that amended the Superannuation (Industry) Supervision Act and Regulations became effective on 1 July 2004. In addition to the introduction of a licensing regime for superannuation trustees and a registration regime for certain superannuation funds, the reform package introduced new operating standards that trustees must comply with. One of these operating standards is the Operating Standard on Outsourcing. The Outsourcing Standard is accompanied by APRA Superannuation Guidance Note 130.1 which seeks to clarify the operation of the standard.

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