No feedback to be given for YFYS performance test

The Government’s Your Future, Your Super (YFYS) performance test will not disclose the value of the superannuation fund’s mark and will only indicate a “pass” or “fail”.

The Australian Prudential Regulation Authority (APRA) updated its frequently asked questions on its YFYS performance test and said it would publish the results on its website on 31 August, 2021, after all registrable superannuation entities (RSE) were notified of their result on 30 August, 2021.

“For each MySuper product a “pass” or “fail” result will be published; the value will not be disclosed,” APRA said.

This would mean that funds would also not know how much they failed by.

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RSE licensees that failed would need to notify their beneficiaries within 28 days. However, in “exceptional circumstances” such as a merger a consideration might be given to deferring the notice.

“Their request must be sent to both their responsible supervisor at APRA and to the Australian Securities and Investments Commission (ASIC) through the ASIC Regulatory Portal,” it said.

“ASIC will be the lead agency in considering requests and will consult with APRA prior to making a decision.”