The Australian Prudential Regulation Authority (APRA) has confirmed that superannuation trustees who have not already applied for a Registrable Superannuation Entity (RSE) licence must make
alternative arrangements for their fund members.

APRA gave notice on 3 February that it would not accept applications from existing trustees in the period 17 February to 30 June 2006. Under the Superannuation Industry (Supervision) Act 1993 (SIS Act), superannuation contributions cannot be remitted to an APRA-regulated superannuation fund after 30 June 2006, unless that fund has been registered and the trustee of the fund licensed.

APRA has received 325 RSE applications; APRA has so far issued 129 RSE licences with the remainder being assessed. 850 trustees have indicated their intention to exit the industry.