Consultation on APRA's Superannuation Data Transformation
APRA is undertaking a multi-year project to upgrade the breadth, depth and quality of its superannuation data collection.
APRA’s Superannuation Data Transformation (SDT) project aims to drive better industry practices and improve member outcomes by significantly enhancing the comparability and consistency of reported data. The project will make it easier to scrutinise and reliably compare fund and product performance, especially in the choice segment of the market.
Given the scale and complexity of the project, APRA has divided the consultation into three phases:
- Phase 1 (Breadth) addressed the most urgent data gaps required to support APRA, the industry and other stakeholders in assessing member outcomes through industry operations and performance;
- Phase 2 (Depth) will explore new and better approaches to data reporting, across all areas of RSE licensee operations, including governance and risk management; and
- Phase 3 (Quality) the final stage of the SDT, will review and address any issues with the new quality and consistency of reporting framework after the completion of Phases 1 and 2.
Each phase will involve the release of multiple topic papers, each covering a different aspect of the consultation.
There are also frequently asked questions (FAQs) that provide timely guidance on commonly asked questions about reporting.
Phase 2 of the SDT seeks to increase the level of detail of superannuation data APRA collects and to allow the superannuation industry to stop reporting through the legacy Direct to APRA (D2A) collection system.
Consultation on the SDT Phase 2 scope and approach is open and responses will be accepted till 12 May 2022.
Find out more about SDT Phase 2 consultations below.
Phase 1 of the SDT addressed critical gaps in the current reporting framework and expanded APRA’s data collection to capture data across all superannuation products, investment menus and investment options.
The SDT Phase 1 Consultation on the required reporting requirements commenced in November 2019 and was finalised in September 2021 when APRA determined 10 new reporting standards.
Consultation on the SDT Phase 1 data publications and confidentiality discussion paper closed on 15 April 2022. The response package for this consultation was released on 25 July 2022.
Find out more about SDT Phase 1 consultations below.
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.