Annual YFYS performance test (MySuper + Choice)
APRA annual performance test for MySuper products + (from 2024) Trustee Directed Products.
Who must comply
APRA-regulated super trustees with MySuper or TDP products.
What triggers it
Offering MySuper or TDP product.
When due
Annual performance test (typically August).
Evidence required
APRA test result; member notification; product closure decisions where applicable.
Max penalty
Mandatory member notification; product closure to new members; APRA enforcement
Summary
Your Future, Your Super (YFYS) reforms introduced an annual performance test for MySuper products from 2021; extended to Trustee Directed Products from 2022. Funds failing must notify members + cannot accept new members from second consecutive failure.
Enforced by
Source legislation
Industries
Topics
Related obligations
- CWLTHMySuper authorisation for default super productsDefault super contributions can only flow to APRA-authorised MySuper products.
- CWLTHPay superannuation on every payday (Payday Super)From 1 July 2026, super must reach the employee's fund within 7 business days of each payday.
- CWLTHComply with SIS Act trustee covenantsSuper fund trustees owe statutory covenants of care, skill, diligence, best financial interests, and prudent investment.
- CWLTHLodge an annual SMSF audit before lodging the SMSF Annual ReturnSelf-managed super funds must be audited by an ASIC-registered auditor each year.
- CWLTHMaintain SMSF compliance with the sole purpose test (s 62)SMSFs must be maintained for the sole purpose of providing retirement benefits.
- CWLTHStronger Member Outcomes — APRA SPS 515RSE licensees must annually assess member-outcomes performance + take action.
Frequently asked questions
- Who must comply with Annual YFYS performance test (MySuper + Choice)?
- APRA-regulated super trustees with MySuper or TDP products.
- What triggers Annual YFYS performance test (MySuper + Choice)?
- Offering MySuper or TDP product.
- When is Annual YFYS performance test (MySuper + Choice) due?
- Annual performance test (typically August).
- What is the maximum penalty for Annual YFYS performance test (MySuper + Choice)?
- Mandatory member notification; product closure to new members; APRA enforcement
- What evidence is required for Annual YFYS performance test (MySuper + Choice)?
- APRA test result; member notification; product closure decisions where applicable.
Source: https://apra.gov.au/your-future-your-super-performance-test. Rules Mate is not a law firm. Always verify against the live regulator source before acting.