APRA publishes additional FAQs on the Superannuation Data Transformation Phase 1 reporting standards

The Australian Prudential Regulation Authority (APRA) has published additional frequently asked questions (FAQs) and worked examples to provide further guidance to RSE licensees on the reporting standards for Phase 1 of the Superannuation Data Transformation project.

The FAQs released today also provide an update on the staged implementation approach. APRA intends to update SRS 251.0 Insurance Arrangements to extend the deadline for RSE licensees to submit the five years of historical data required for SRF 251.2 Insurance Payments until 28 February 2022.  APRA had initially proposed a submission date of 30 September 2021.

Following feedback received from industry, APRA also intends to:

• Update SRS 332.0 to allow RSE licensees to report on a best endeavours basis for periods ending before 30 June 2022, except where expenses are used for the purpose of specified expense types. See FAQ 332.0h for further details.
• Update SRS 550.0 to expand the subset of characteristics on SRF 550.0 Table 2 for which RSE licensees are allowed to report on a best endeavours basis for periods ending before 30 June 2022. See FAQ 550.0f for further details.

APRA expects RSE licensees to have plans and processes in place to improve their reporting prior to the submission of the 30 June 2022 reporting.

The new FAQs and worked examples are available on the APRA website at: Frequently Asked Questions - Superannuation Data Transformation.