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

APRA has published additional frequently asked questions (FAQs) 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, including an extension to the timeframe for the initial submission of 30 June 2021 data related to trustee-directed products.

In APRA’s response to consultation, the staged implementation approach introduced temporary reduced coverage. RSE licensees are required to report data on MySuper and trustee-directed products for the first year of reporting for the following reporting forms:

•    “SRF 705.0 Components of Net Return” (SRF 705.0)
•    “SRF 705.1 Investment Performance and Objectives” (SRF 705.1)  
•    “SRF 550.0 Asset Allocation” (SRF 550.0)
•    “SRF 706.0 Fees and Costs Disclosed” (SRF 706.0)

The SIS Regulation which defines a trustee-directed products was made on 5 August 2021. APRA will extend the due date for submission of 30 June 2021 data for trustee-directed products from 30 September 2021 to 28 October 2021 to allow sufficient time to implement reporting. RSE licensees that are in a position to provide the full coverage of reporting earlier are encouraged to do so. RSE licensees must report 30 June 2021 data for MySuper products on these forms by 30 September 2021. The 30 September 2021 due date for other reporting forms remain unchanged. 

APRA intends to update the definition of ‘trustee-directed product’ in the reporting standards to reflect the SIS regulation prior to determining the reporting standards. The proposed reporting requirements are informed by an interim Regulation Impact Statement (RIS) and will be made final only when APRA determines the reporting standards, which will be after finalising the RIS.

APRA has also made updates to FAQ 605.0b on ad-hoc reporting requirements for products and options and FAQ 1.05 on the definition of trustee-directed products.

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

Superannuation Data Transformation

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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.