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APRA commences new data collection to assess temporary early release of superannuation scheme

Tuesday 21 April 2020

The Australian Prudential Regulation Authority (APRA) is launching a new data collection to assess the progress and impact of the Government’s temporary early release of superannuation scheme.

From next week, registrable superannuation entity (RSE) licensees will be asked to complete and submit APRA’s new Early Release Initiative (ERI) data collection form weekly until further notice. 

The ERI reporting form will gather a range of information from RSE licensees, including the number and value of early release benefits paid to superannuation members and the processing times of those payments. It will help the Government, APRA and other stakeholders monitor the take-up of the new scheme among superannuation members, and ensure licensees are processing eligible applications in a timely manner.

APRA intends to publish the data at both the industry and fund level. Reporting this data using the ERI reporting form is expected on a best endeavours basis, and APRA will implement reporting through a legally binding reporting standard if the response from industry does not meet the objectives of the data collection.

The first ERI data collection is due on 29 April 2020 for information as at 26 April 2020.

The ERI reporting template and some frequently asked questions about the new collection are available on the APRA website at: Reporting requirements for superannuation entities.

 

Data collection, COVID-19

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Contact APRA Media Unit, on +61 2 9210 3636

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For more information contact APRA on 1300 558 849.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.