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This submission to APRA has been prepared by the Benefit Projections Working group and focuses on a specific area of the exposure Draft which the BPWG has been working on over the past 12 months with regard to proposed Section 1017BA of the APRA Act 1998 and proposed Section 348A of the Superannuation Industry (Supervision) Act 1993.
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The Actuaries Institute today expressed its disappointment that the government has again failed to address the impending longevity tsunami, and the pressing need to develop a more vibrant annuities market to address this in this year's Federal Budget.
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The Institute has written to the Australian Accounting Standard Board expressing concerns with the Exposure Draft 223 - Superannuation Entities outlining concerns with the approaches taken.
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The Institute has written to ASIC, after reviewing Class Order 11/1227, seeking to clarify a number of practical aspects of the order.
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The Institute has written to the Productivity Commission regarding Paragraph 3 of the Issues Paper which addresses the crucial issue of whether or not it is sufficient for a superannuation fund to simply meet the requirements of the proposed MySuper standards in order to be eligible to be included as a default fund in an Award, or whether additional criteria are necessary.
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The Institute has written to Ross Jones, APRA expressing caution about the format of any Investment Performance League Table that is produced by APRA
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The Actuaries Institute and ASFA have written to ASIC following up the joint letter on 30 July 2010 which explained how the Age Pension can be allowed for and included in superannuation forecasts in a manner which is easy for funds and plan sponsors to implement.
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The Institute has written to Treasury in response to their Consultation Paper “Reforming flood insurance – A proposal to improve availability and transparency” of November 2011.
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The Institute has written to APRA following an early letter of 16 November 2011 regarding the Standard Risk Measure Guidance Paper for Trustees issued by ASFA and the FSC.
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The Actuaries Institute today reinforced its call for stronger governance standards for Australian superannuation funds, saying the requirements for super funds should be brought closer to existing governance standards for banks and insurers. The Institute emphasised the need to build and maintain members’ confidence in Australia’s superannuation system.
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