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Super Update – 10 new reporting standards under APRA data transformation project

Retirement
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April 22, 2021

APRA has provided a very short time frame for superannuation funds to deliver on new data collection requirements.

Phase 1 of the 3-phase APRA data transformation project has been finalised with the release of 10 new reporting standards and a Response paper, setting the framework for funds to deliver on what APRA considers the most urgent gaps in data collection.

The collection is aimed at choice products and investment options, but this phase also includes some data needed to support the Your Future Your Super (YFYS) performance test and other high priority areas. Concerns remain on the short time frame available to implement the required system changes, the amount of granularity in the data needed and the challenges presented by obtaining historical data. Nonetheless, for most of the new reporting, the due date remains 30 September 2021, with a staged implementation approach for a small number of specific areas.

Our Super Update summarises the new requirements and identifies those exceptions, as well as a few areas where funds may need to liaise with APRA if they do not have the required data.

Also in this edition, we look at APRA’s policy and supervision priorities for 2021 and beyond and provide a legislative update, noting that the YFYS bill has an extremely short window to be passed and the required regulations to be released and made before the measures are scheduled to commence on 1 July.

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