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 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) will address the most urgent gaps in APRA’s data collection, particularly for choice products and investment options;
- Phase 2 (Depth) will increase the granularity of the entire collection, taking advantage of APRA’s new Data Collection Solution and enhanced data analytic capabilities; and
- Phase 3 (Quality) will assess the quality and consistency of the additional data reported during Phases 1 and 2, and review and address any implementation issues.
Each phase will involve the release of multiple topic papers, each covering a different aspect of the consultation.
Frequently Asked Questions - Superannuation Data Transformation Reporting Standards
These frequently asked questions (FAQs) provide timely guidance on commonly asked questions about reporting.
The questions are designed to clarify reporting issues raised by RSE licensees. APRA encourages entities to report to APRA in accordance with the guidance provided here to the extent practicable. The FAQs refer to APRA’s reporting standards however, until the guidance is formally incorporated into the legislative reporting instruments, it does not form part of the law or create enforceable requirements.
It is APRA’s practice, where appropriate, to incorporate this guidance into the final reporting standards, forms and instructions periodically. When this occurs, APRA provides formal notice to entities and removes the questions from this page. For reference purposes only, APRA will archive questions that contain guidance on matters that have been incorporated in the final reporting standards, forms and instructions.
Note: The numbering of the questions is fixed and will not change as new questions are added.
Phase 1 – Consultation (Closed)
In September 2021, APRA determined the 10 reporting standards developed under first phase of its multi-year Superannuation Data Transformation project.
The reporting standards include minor amendments to the versions of the reporting standards APRA released as part of the response to consultation in March 2021. These minor amendments incorporate clarifications issued publicly as Frequently Asked Questions .
Under the staged implementation approach, APRA will permit RSE licensees to report certain information on a best endeavours basis for a defined period of time. To improve clarity of drafting, the scope of data that may be submitted on a best endeavours basis has been removed from the reporting standard and provided as guidance. Despite this change, there will be no difference in how APRA will administer compliance with reporting of information which can be submitted on a best endeavours basis.
The reporting guidance and FAQs are available here: Frequently Asked Questions - Superannuation Data Transformation
The Superannuation Data Transformation Regulation Impact Statement is available on the APRA website at Regulation impact statements.
In March 2021, APRA released a response to its consultation on reporting requirements for the first phase of its multi-year Superannuation Data Transformation (SDT). The response paper and 10 final reporting standards are available below. APRA received 12 non-confidential submissions in response to its consultation, which are also available below.
The new super data collections address critical data gaps in the current reporting framework and the highest priority areas impacting member outcomes including: the expansion of the data collection to include all products and investment options; and improved data in relation to performance, fees and costs, insurance arrangements, expenses, member demographics and asset allocation classifications.
November 2019 – November 2020
In November 2019 APRA released a discussion paper outlining the scope, objectives and approach to the Superannuation Data Transformation. Consultation on proposals under Phase 1 was done over three consultation periods supported by the release of consultation packages including topic papers, each covering a different aspect of the consultation. Each of these three consultation package releases is detailed below.
Discussion paper: Phase 1: Superannuation Data Transformation
In August 2020, APRA released the final consultation package on reporting requirements for the first phase of SDT. Submissions on these proposals closed on 13 November 2020.
Consultation package: Phase 1 - Expenses, Asset Allocation, Insurance Arrangements and Fees and Costs
On 19 December 2019 APRA released a second consultation package on reporting requirements for the first phase of SDT. Submissions on these proposals closed on 26 March 2020.
Consultation package: Phase 1 – Performance and Member Accounts
In November 2019 APRA released the first consultation package on reporting requirements for the first phase of SDT. Submissions on these proposals closed on 17 January 2020.
Consultation package: Phase 1 – RSE Structure and Profile
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.