APRA today released a discussion paper for consultation covering arrangements to authorise MySuper products, including a draft application form.

A draft prudential standard on MySuper transition that sets out requirements for trustees moving member balances into a MySuper product is also included.

The draft authorisation form covers a range of issues including investment objectives and strategy, reserving, expected demographic, procedures to determine adequacy of asset scale, membership and provision of a business plan including volume, costs and fee income.

The authorisation package follows APRA's April 27 release of draft prudential standards for superannuation.

APRA deputy chairman Ross Jones said the proposed authorisation requirements are designed to align with legislative requirements.

"We encourage RSE licensees considering offering a MySuper product to use the draft application form and instructions in discussions with their Board on their plans, and to open discussions with APRA supervisors on the issue as soon as possible," Jones said.

The authorisation process will commence from 1 January 2013 with products, once authorised, able to be offered from July 1, 2013 onwards.