Super funds will have to provide the Australian Prudential Regulation Authority (APRA) with copies of their MySuper transition plans, under the terms of a new draft practice guide.

The plans must include details of any insurance contracts and external consultants appointed to help the transition.

“In performing its duties in the best interest of members, a super fund would need to consider the timing of the transition as well as any change in the bundle of benefits that is to be assigned to each group of members,” the regulator said.

APRA says super funds may consider recruiting specialist advisers to help with the plans.

“Given the potential complexity and risk to member benefits in any change process, a fund needs to consider the governance arrangements in place to implement and monitor the transition,” the regulator said.

“Depending on the scope and complexity of the transition plan, a fund might consider appointing a dedicated person to assist with the process.”

APRA expects funds to regularly review and update their transition plans.

Submissions on the draft practice guide close on November 9.