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Frequently Asked Questions - Superannuation Data Transformation

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.

Updated: 16 July 2021

Phase 1 Reporting Standards

General FAQs

1.01: Can all the reports be submitted in Excel format via APRA Connect?

Accepted file submission formats are as noted on the APRA Connect technical specifications page on the APRA website.

Accepted submission formats for the Superannuation Data Transformation Phase 1 reporting standards are: Manual entry, XML, and Excel.

1.02: What are the due dates for submission of data under the new reporting standards?

As provided under the new reporting standards, the due date for the first submission of all the new superannuation forms (with two exceptions noted below) is 30 September 2021. This due date applies regardless of the ongoing due date being 28 days or 3 months from the end of the reporting period. Any ad-hoc submission of the new superannuation forms required due to a change which takes effect from 1 July to 2 September 2021 will also be due on 30 September 2021. 

APRA has delayed the first mandatory reporting period for the following forms to the period ending 30 June 2022:

  • “SRF 550.1 Investments and currency exposure” (SRF 550.1).; and 
     
  • “SRF 550.2 Derivatives and counterparty exposure” (SRF.550.2).

Further details of the staged approach, including the due dates for historical data; staged coverage of the products, investment options and investment menus required on some reporting forms; and transitional arrangements for reporting some data on expenses and asset allocation, is in appendix B of the response paper on APRA’s website:

Published 25 March 2021

The following table summarises the reporting periods and due dates as provided under the Reporting Standards: 

Return

Frequency

Due date

Fir­­st reporting period

First due date

Next reporting period

Next due date

SRS 605.0 RSE Structure

Annual*

28 days**

30/06/2021

30/09/2021

30/06/2022

28/07/2022

Ad-hoc

28 days later***

When information is no longer accurate (as per para 9 of SRS 605.0)

28 days later***

When information is no longer accurate (as per para 9 of SRS 605.0)

28 days later

SRS 606.0 RSE Profile

Quarterly

28 days**

30/06/2021

30/09/2021

30/09/2021

28/10/2021

SRS 611.0 Member Accounts

Quarterly

28 days**

30/06/2021

30/09/2021

30/09/2021

28/10/2021

SRS 705.0 Components of Net Return

Quarterly

28 days**

30/06/2021

30/09/2021

30/09/2021

28/10/2021

Annual

3 months

30/06/2021

30/09/2021

30/06/2022

30/09/2022

SRS 705.1 Investment Performance and Objectives

Quarterly

28 days**

30/06/2021

30/09/2021

30/09/2021

28/10/2021

SRS 550.0 Asset Allocation

  SRF 550.0

Quarterly

28 days**

30/06/2021

30/09/2021

30/09/2021

28/10/2021

  SRF 550.1

Quarterly

28 days**

30/06/2022

28/07/2022

30/09/2022

28/10/2022

  SRF 550.2

Quarterly

28 days**

30/06/2022

28/07/2022

30/09/2022

28/10/2022

SRS 251.0 Insurance Arrangements

SRF 251.0

SRF 251.1

SRF 251.2

SRF 251.3

Annual

3 months

30/06/2021

30/09/2021

30/06/2022

30/09/2022

SRF 251.3

Ad-hoc

28 days later***

When information is no longer accurate (as per para 12 of SRS 251.0)

28 days later***

When information is no longer accurate (as per para 12 of SRS 251.0)

28 days later

SRS 332.0 Expenses

Annual

3 months

30/06/2021

30/09/2021

SRS 332.0 requires reporting aligned with each year of income of the RSE****

3 months later

SRS 706.0

Fees and Costs

Annual*

28 days**

30/06/2021

30/09/2021

30/06/2022

28/07/2022

Ad-hoc

28 days later***

When information is no longer accurate (as per para 9 of SRS 706.0)

28 days later***

When information is no longer accurate (as per para 9 of SRS 706.0)

28 days later

* Quarterly attestation required 28 days after the end of each calendar quarter
** 28 calendar days after the end of the reference period.
***28 calendar days after the change has occurred. If 28 days after the change is prior to 30 September 2021, then the due date will be 30 September 2021.
****For example, an RSE that has a 31 December year end would report SRS 332.0 for the year ending 31 December 2021, with its first submission of SRS 332.0 due on 31 March 2022.
 

1.03: Do reporting standards from the existing data collection still need to be submitted? 

Yes. APRA recognises there is a degree of overlap between data to be collected through the new reporting standards and data collected under existing reporting standards.  The existing reporting standards will continue for an initial parallel collection period, primarily to enable APRA to assess data quality for the new reporting standards. Once appropriate quality of reporting under the new framework is achieved, APRA intends to  provide exemptions from reporting obligations and/or revoke reporting standards which require the same data that is to be submitted under the new data collection.

1.04:  Can APRA provide more information about the consultation on confidentiality and the publication of data collected under the new reporting standards?

APRA will undertake a separate consultation in late 2021 on proposals for publication of data reported under these reporting standards, including consulting on the confidentiality of the specific data items that APRA intends to publish.

1.05  When will APRA provide a definition for Trustee Directed Products (TDP)?

The Government has released the Exposure Draft Regulations and Explanatory Statement for Your Future, Your Super (YFYS) and associated measures for public consultation on 28 April 2021:

Your Future, Your Super Regulations and associated measures

APRA intends for TDP to have the same meaning as per the SIS Regulations, which the finalised YFYS measures will amend. APRA will update SRS 101.0 with a definition for TDP with the appropriate reference once the updated YFYS regulations defining TDP are determined. 

APRA expects that RSE licensees will prepare for submission of data for all products, menus and investment options, and products and investment menus which have these investment options and not wait until the regulations are final to prepare the data.

1.06  We may be in a position to report data which is not required under the staged approach for 30 September (e.g. data for all investment options; expense classifications with no materiality; or all asset allocation characteristics), will APRA allow submission of this data?

Yes, RSE licensees that are in a position to provide full reporting earlier will be able to do so.

1.07 How can we keep track of updates to validation rules as we approach the first collection of data on 30 September 2021?

Validation rules for the new reporting standards can be viewed at the APRA Connect Taxonomy Artefacts page. APRA will post alerts via its subscriber list for updates to the Taxonomy Artefacts.

The draft artefacts include the data dictionary, validations, reporting taxonomy and XSD (to validate the structure of XML files). While every effort has been made to ensure accuracy, entities can expect further changes before APRA Connect goes live.

Updated versions of the artefacts will be available prior to the release of the external test environment in June.

1.08 Should fees and costs be reported as they are presented in the Product Disclosure Statement (PDS) where the disclosed amounts are net of tax rebates?

APRA expects that all fees and costs will be reported gross of tax to ensure that there is consistency in reporting. For the avoidance of doubt, APRA intends to remove the line ‘consistent with the manner in which they are required to be disclosed in PDS’ in the ‘Reporting basis and unit of measure’ section of Reporting Standard 706.0 Fees and Costs.

1.09 What will be the process for the submission of historical data?

Returns for each historical reporting period covered under the required timeframe will be available on APRA Connect for RSE Licensees to submit historical data.

1.10: What are the audit requirements for the new reporting standards? SPS 310 Audit and Related Matters (SPS 310) does not include the new reporting standards?

APRA intends to consult on specific audit requirements for the new reporting standards as part of the review of the approved audit form under SPS 310 in the second half of 2021. For the 30 June 2021 annual reporting period there are no specific audit requirements beyond those detailed in Part 3 (B) Controls and Compliance in the approved audit form.

FAQs for SRS 251.0

251.0a: Could APRA please clarify the reporting for 'number of policies in cluster' (SRF 251.0 table 1 column 7)? 

Table 1 of  SRF 251.0 collects information for each group policy held by the RSE as well as individual policies made for individual members. RSE licensees can collate reporting of individual policies that have a common insurer together as a cluster. Please report the number of policies included in the cluster (this would be ‘1’ for group policies). 

251.0b: Under table 1 of SRS 251.0, are underwritten policies to be counted as separate policies?

It would depend if the member is under the same policy or not. For example, if a member is covered under a group policy but requires additional underwriting to obtain cover, APRA would not expect this to be reported as a separate policy.

If a member requires additional underwriting and ultimately ends up with a new individual policy, this would need to be reported as an individual policy (or as part of a cluster of individual policies).

251.0c: How does APRA expect an entity to categorise their occupation ratings into the categories provided under SRS 251.0?

APRA has listed six occupation categories to describe the type of occupation covered by the policy. RSE licensees should select ‘Yes’ for one or more occupation categories that would be covered under the RSE's occupation definition.

251.0d: For insurance offerings where there has been a successor fund transfer over the historical period(s) is it expected that the premiums paid, and the claims history, be reported for the members that were transferred?

APRA expects that the premiums paid and the claims history for these members would be available to the receiving trustee in order to administer the insurance arrangements. Accordingly, it should be reported by the receiving trustee in the historical data for SRS 251.0.

251.1a: Should 'No' for the item 'default cover offered' (SRF 251.1 table 2, column 3) be selected if any members have moved away from the default level of cover?

Not necessarily. The default cover offered indicator relates to the type of cover, not the level of cover. If a member automatically obtained the current type of insurance (for example, upon joining the fund), then the RSE licensee should report ‘Yes’, regardless of whether the member has since increased or decreased the level of cover. See the definition of default cover offered in SRS 101.0 for further detail.

251.1b: For cohorts of members with default insurance cover who were migrated to an insurance policy that does not offer default cover, are these  considered as default for the purposes of reporting the item ‘Insurance Default Cover Offered Indicator’ on Table 1 of  SRF 251.1?

Yes, these members are considered as having default cover offered to them.  For further information, please refer to the definition of ‘Default cover offered’ in Reporting Standard SRS 101.0 0 Definitions for Superannuation Data Collections (see SRS 101.0 under Phase 1 Consultation, Reporting Standards).

251.2a: If a payment is made to an insurer in the 2021 reporting period but this payment relates to prior cover periods, how should this payment be reported in SRF 251.2 Table 1?

The RSE licensee should report the period the payment relates to in ‘Insurance Cover Year Date’ column (SRF 251.2, Table 1, Column 3).  APRA expects any payment which relates to multiple years of cover to be split into amounts for each year of cover that it applies.

251.3a: For the item 'age' (SRF 251.3 table 2 column 3) is it possible to report age-bands (i.e., 11-20, 21-30 and so on)  If yes, age as at what date in time?

No, age-bands cannot be reported. For table 2 column 3 on SRF 251.3 the individual age of members (as at last birthday) is to be reported. 

251.3b:  For insurance offerings that are either partially or fully funded by the members’ employer, should these amounts be included when reporting ‘Insurance Cover Cost Amount’ (SRF 251.3 Table 2, Column 10)?

Yes, all insurance offerings that are either partially or fully funded by the members’ employer should be included in the amount reported for ‘Insurance Cover Cost Amount’.

251.3c: For insurance offerings that have no default component, is APRA expecting data to be reported in SRF 251.3?

RSE licensees are only required to report data for insurance policies which provide default cover to members as indicated on SRF 251.3 Table 2. RSE licensees should report policies which are closed to new members as well as policies which are open to new members.

FAQs for SRS 332.0

332.0a: How should SRS 332.0 be reported if an RSE has a year-end that is not 30 June?

SRS 332.0 provides that reporting periods for this reporting standard are for each year of income of the entity.

For example, an RSE that has a 31 December year end would report SRS 332.0 for the year ending 31 December, with its submission due on 31 March.

332.0b: SRS 332.0 Expenses states that amounts in SRF 332.0 should and are to be reported on an accrual basis. However, the instructions refer to expenses paid to suppliers over the period . Can APRA clarify its expectations?

As per the reporting basis section, reporting under SRS 332.0 Expenses should reflect expenses accrued. APRA intends to update references to ‘payments’ and ‘expenses paid’ in the reporting instructions to ‘expenses’ .

332.0c: How should accounting concepts such as depreciation be reported under SRS 332.0 Expenses?

APRA expects RSE licensees to report a row in Table 1 with the name ‘Accounting concepts’ for the purpose of reporting accounting concepts such as depreciation. The total amount of depreciation should be reported in Table 2 with the expense group type ‘Corporate overheads’ and expense type ‘Amortisation And Depreciation’. 

APRA expects other accruals adjustments relating to the provision of goods or services to be reported with the ‘Accruals adjustment’ service provider identifier against the relevant expense group type and expense type.

332.0d: What should be reported if a supplier does not have an ABN?

Where a supplier does not have an ABN, this field can be left blank. APRA intends to make the ABN a non-mandatory field. This will be reflected in the next release of APRA Connect and the associated taxonomy artefacts.

332.0e: How should expenses relating to preparing data for APRA reporting be captured in SRS 332.0?

Expenses relating to the preparation of APRA returns should be included in the expense group ‘Corporate Overheads’ and expense type ‘Other’. The ‘Service Arrangement Inclusions Exclusions Text’ should be used where there is not a relevant category.

332.0f: How should the wages of internal teams, (such as human resources, which do not relate to one of the services described by an expense type), be reported under SRS 332.0?

Expenses relating to the wages for corporate overheads such as human resources should be included in the expense group ‘Corporate Overheads’ and expense type ‘Other’ with the RSE licensee as the service provider. A description may be provided in ‘Service Arrangement Inclusions Exclusions Text’ if additional context is required. 

Wages for internal teams which provide a service which has an expense type listed should be reported under that category. For example, internal call centre staff wages should be reported as expense group type ‘administration’, expense type ‘call centre’, with the RSE licensee as the service provider.

332.0g: What is a one-off vs an ongoing ‘Service Arrangement Engagement Type’?  When there is a service arrangement that continues over one or more reporting periods is this an ongoing ‘Service Arrangement Engagement Type’?

A one-off Service Arrangement Engagement Type is when there is a discrete piece of work that the service provider has been engaged to complete. An example may include an engagement for legal advice on a specific issue, a one-off IT build, or consulting costs for engagement of specialist advisers on a discrete project. A one-off engagement may continue over one or more reporting periods.

An ongoing Service Arrangement Engagement Type is when there is a continuous arrangement for the ongoing provision of services. For example, ongoing administration services, ongoing software or IT support or ongoing investment management services.

FAQs for SRS 550.0

550.0a: Under APRA’s framework, how should effective exposure be calculated for options and all other derivatives?

For the purpose of reporting under SRS 550.0, APRA expects RSE licensees to calculate the effective exposure for options using the delta adjusted notional value. All other derivatives (e.g. forwards, futures, etc.) should use principal amount.

550.0b: For asset characteristics reported on a ‘best endeavours’ basis under the staged implementation  what value should be reported where we are not able to determine the classification?

Under the staged approach, for asset characteristics to be reported on a best endeavours’ basis, where the classification cannot be determined, RSE licensees should report ‘Not Applicable’.

550.0c: The rating-levels commonly used to determine whether a fixed income security is investment grade or non-investment grade differs to APRA’s definitions for these characteristics. Is this intentional?

APRA notes and accepts this feedback and will correct the definition for  ‘Investment Grade’ and ‘Non-Investment Grade’ for Asset Characteristic 1 for Fixed Income in Reporting Standard SRS 550.0 Asset allocation as follows:

Investment Grade: Means a debt security with counterparty rating of Grade 1 to Grade 4.

Non-Investment Grade: Means a debt security with counterparty rating of Grade 5 and below.

550.0d: Where more than one ratings service is subscribed to and the rating does not align to a consistent grade across providers, which grade should be used?

Where an RSE has investments with multiple ratings from two or more rating agencies, the RSE licensee must consistently apply the lowest rating of a single agency whenever the individual ratings conflict for reporting under SRS 550.0 Asset Allocation.

550.0e: Are all receivables and payables excluded from SRS 550.0 Asset allocation?

Yes, consistent with current reporting under SRS 530.0 and SRS 533.0, SRS 550.0 pertains to the investments of the fund and excludes receivables and payables.

FAQs for SRS 605.0 

605.0a: How frequently is reporting under SRS 605.0 required if there is no change to an RSE's products, investment menus and investment options?

SRS 605.0 requires annual submissions in respect of each RSE as at 30 June.  

605.0b: What changes result in an ad-hoc submission of SRS 605.0?

Superannuation products, investment menus and investment options:

APRA expects an ad-hoc submission for SRS 605.0  where an RSE licensee makes changes to an RSE’s products, investment menus and/or  investment options (for example, adding new or removing existing) or changes to the characteristics of these reported on SRS 605.0 (including the name).    

Specifically, APRA expects an ad-hoc submission of SRS 605.0 to be triggered by:  

  • The addition or deletion of any row in table 1, table 2 or table 3 
     
  • Updates to any field in any of table 1, table 2 or table 3.

Fees and costs arrangements:

APRA expects an ad-hoc submission for SRS 605.0 where an RSE licensee makes changes to fees and costs arrangments (for example, adding a new fees and costs arrangement for an employer sponsor that is distinct from those already reported or removing an existing arrangement). 

Changes to the number of employer sponsors, number of member accounts and total member benefits covered under each fee and cost arrangements are expected over the course of the year, and will not trigger an ad-hoc submission.

Specifically, APRA expects an ad-hoc submission of SRS 605.0 to be triggered by:  

  • The addition or deletion of any row in table 4 
     
  • Updates to any field in table 4 other than:
     
    • Employer Sponsors Fees and Costs Arrangement Count
       
    • Member Accounts Fees and Costs Arrangement Count
       
    • Members Benefits Fees and Costs Arrangement Amount

605.0c: If RSEs are merging at 30 June 2021 what should they report under SRS 605.0? 

Reporting under SRS 605.0 is to reflect the structure as at 30 June each year. If there are structural changes that take effect on or before 30 June, APRA expects that reporting will reflect the new structure.

605.0d: Can APRA clarify what should be reported under SRS 605.0 when the RSE does not have any superannuation products?

A member cannot have a beneficial interest within an RSE that is not through a superannuation product as defined under SRS 605.0.

For the purpose of reporting under SRS 605.0 and all associated reporting standards, APRA expects RSE licensees to report one or more superannuation products for each RSE.

605.0e: Can APRA clarify what to report under SRS 605.0 when the RSE does not have an investment menu? 

For the purpose of reporting under SRS 605.0, APRA expects an RSE licencee to report one or more investment menus for each superannuation product. 

The concept of an investment menu is a new reporting level introduced under SRS 605.0 which represents the collection of investment options that members in a superannuation product have access to.

In the case of a lifecycle option, the investment menu represents the collection of lifecycle stages.

In some, but not all cases there may be an additional fee incurred by the members in order to access the investment options contained within the menu. 

Members in different superannuation products may have access to: 

  • different investment menus (comprising differing or overlapping investment options); or,
     
  • to the same investment menus.

605.0f: Should investment options that are not currently on offer be reported?

APRA expects investment options are reported if they either:

  • have members or member assets in them; or
     
  • are open to new members, regardless of whether any members or member assets are currently invested in them.

605.0g: Can APRA clarify what should be reported under SRS 605.0 and SRS 606.0 where the RSE offers MySuper as an investment option within one or more products?

Consistent with current reporting to APRA, if the RSE is authorised to offer a MySuper product, APRA expects they report for each generic MySuper product, goodwill MySuper product and large employer MySuper product, as a distinct superannuation product with the product type of ‘MySuper’.

APRA expects this superannuation product to have a single investment menu which provides access to either:

  • A single diversified investment option; or
     
  • Multiple lifecycle stages.

APRA expects that members who have 100 per cent of their balance in the MySuper product are reported under the MySuper product on SRF 606.0.  APRA expects that member totals that are reported under the MySuper product and investment menu combination in SRF 606.0 Table 4 would align to member totals that are reported for the MySuper product on SRF 611.0 Table 2.

Where the MySuper option is accessed through other superannuation products, APRA expects that members who have less than 100 per cent of their balance in the MySuper option are reported under the MySuper investment menu and option (using the same unique identifiers) in combination with the non-MySuper product on SRF 606.0. 

Where members in an investment option are not considered to have a MySuper interest, APRA expects that a different unique identifier is used for that investment option, even if the investment option has the same strategy as the MySuper investment option.

Please refer to the worked example for SRF 605.0, SRF 606.0 and SRF 611.0 (see below) for further information.

605.0h: Which direct investment options can be reported on an aggregated basis?

Direct investment options that can be reported on an aggregated basis are direct shares, fixed income instruments or term deposits which have a common fee structure, investment option category and description in related disclosure material.

For example where there is an option for members to directly invest in individual shares on the ASX 300, this may be reported as one investment option with ‘Investment option name’ as ‘ASX 300 – individual shares’ for example, together with the number of shares either currently available to members or invested in by members previously under this option as ‘number of investment options’. Direct fixed income instruments and term deposits may also be reported collectively by duration and provider, for example ‘Bank X, 90 day’.

605.0i:  Under SRS 605.0 are we able to re-use identifiers reported in the existing data collection under SRS 001.0 and SRS 700.0?  

Yes, for comparability purposes, APRA requests the use of existing identifiers where possible. 

Identifiers for select investment options, MySuper lifecycle stages and defined benefit sub-funds are currently reported under SRS 001.0. APRA requests that RSE licensees use the same identifier when reporting corresponding products, investment menus or investment options under SRS 605.0 where possible.

In the case of a single strategy MySuper products, APRA expects that the ‘MySuper Identifier’ reported in SRF 001.0 (Part D item 6(2)), would be reported as the; 

  • ‘Superannuation Product Identifier’ (SRF 605.0 (Table 1, column 2); and
     
  • ‘Investment Menu Identifier’ (SRF 605.0 (Table 2, column 2).

In the case of MySuper products with a LifeCycle strategy, APRA expects that the ‘MySuper Identifier’ reported in SRF 001.0 (Part D item 6(2)), would be reported as the:  

  • ‘Superannuation Product Identifier’ (SRF 605.0 (Table 1, column 2) and;
     
  • ‘Investment Menu Identifier’ (SRF 605.0 (Table 2, column 2).

APRA expects that the ‘LifeCycle Stage Identifier’ reported in SRF 001.0 (Part D item 6(2)) for each lifecycle stage would be used for each corresponding ‘Investment Option Identifier’ (SRF 605.0 (Table 3, column 2).

In the case of select investment options, APRA expects each ‘Select Investment Option Identifier’ reported in SRF 001.0 (Part E item 7(2)) would be used where possible for each corresponding ‘Investment Option Identifier’ (SRF 605.0 (Table 3, column 2)).

605.0j: If a single member with a large balance has a negotiated a special fee arrangement (e.g. a discount to an administration fee), should this be reported as a separate fee arrangement in Table 4 of SRF 605.0?

Yes, each individual fee arrangement is required to be reported in table 4 of SRF 605.0.  If the same arrangement is offered to a number of individual members, these may be aggregated into a single reporting line.

605.0k: For legacy products that do not have a Product Disclosure Statement available to members, what should be reported in Table 1 of SRF 605.0?

Where a Product Disclosure Statement is not available to members, this field may be left blank.

605.0l: For products that may have more than one Product Disclosure Statement available to members through a number of URLs, which URL should be reported in Table 1 of SRF 605.0? Or should the product be reported a number of times?

APRA expects RSE licensees to report the URL that covers the largest number of members, and then by funds under management if another factor is required.

605.0m: Where individual members have differing advice fee arrangements with an advisor, are these considered to be separate fees and costs arrangements under SRF 605.0 Table 4?

No, RSE licensees are not required to report member level fee arrangements which are negotiated between a member and an advisor under Table 4 of SRF 605.0 RSE structure. RSE licensees should report fee arrangements which are standard fees and costs arrangements or those that have been negotiated with the RSE licensee rather than a financial planner.

FAQs for SRS 606.0 

606.0a: How should we report the ‘Number of member accounts’ in an investment option underlying defined benefits? 

APRA expects that the number of defined benefit members as at the reporting date that would be included for actuarial valuation purposes is reported (for member benefits which the assets in the investment option underlie). 

FAQs for SRS 611.0 

611.0a: Are allocated pension products captured in reporting for SRS 611.0?

Yes, APRA expects all RSE licensees to report all members of the RSE in Table 1 of SRF 611.0 Member Accounts.

611.0b: What value should be reported for ‘Member Benefit Bracket Type’ for annuity products?

Where the RSE licensee is unable to calculate a member benefit value for a member in a product such as annuity products, RSE licensees may report a value of zero for the member benefit. For example, if this is the only interest held by the member, the member may be included in the ‘Member Benefit Bracket Type’ of ‘<$1000’.

FAQs for SRS 705.0

705.0a: Do we need to report member initiated switching fees or buy/sell spreads on SRF 705.0?

No, activity-based fees will be reported in relation to fee and cost disclosures via SRS 706.0.

705.0b: Some components of net return (e.g. tax, performance fees) are not known on a quarterly basis and will not be known until year end.  How do we report these under  SRS 705.0?

APRA notes that investment performance will include accruals for various components of net returns, such as performance fees and taxes; some of these components would include estimates.  APRA expects that components of net returns reported under SRS 705.0 reflect the net return a member in that option / product would receive for the reporting quarter, including accruals and any adjustments made during the reporting quarter.    

FAQs for SRS 705.1

705.1a:Where an investment option has multiple investment objectives, for example a CPI benchmark and a peer median benchmark how should this be reported?

APRA expects RSE licensees to report investment objectives as per SPS 530 Investment Governance, not peer benchmarks.

FAQs for SRS 706.0

706.0a: How should fees and costs for defined benefit sub-funds be reported under SRS 706.0?

For defined benefit products, report only fees and costs that are charged to members.

706.0b: Some discounted fee structures exist for corporate superannuation plans that are not detailed in a PDS. Such arrangements may be subject to confidentiality clauses in contracts with employers. Are such fee structures required to be reported?

Yes, SRS 706.0 requires that all standard and customised fee structures are reported.  

706.0c: As buy/sell spreads can change regularly, do changes to buy/sell spreads trigger an ad hoc submission?

Changes in buy/sell spreads on their own do not trigger an ad hoc submission of SRS 706.0. 

Worked Examples

APRA has created a number of worked examples using fictional entities to describe reporting under the new reporting standards.

These worked examples are part of a series that APRA will release. These illustrate two entity structures and how data for these should be reported in:

  • SRS 550.0 Asset Allocation
  • SRS 605.0 RSE Structure
  • SRS 606.0 RSE Profile 
  • SRS 611.0 Member Accounts 

Entity ABC structure only:

  • SRS 705.0 Components of Net Return
  • SRS 705.1 Investment Performance and Objectives
  • SRS 706.1 Fees and Costs

APRA intends to expand these worked examples to cover additional reporting standards and additional entity structures.

Published 18 June 2021

Published 18 June 2021

Published 18 June 2021