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Consultation on Publications and Confidentiality and promoter definition
On 6 June 2024, APRA released a response to its consultation on the proposed updates to the promoter definition for superannuation data collections.
The response letter is available below:
Response letter
Superannuation Data Transformation promoter definition response
Previous updates
Consultation on Publications and Confidentiality and promoter definition
On 27 March 2024, APRA released a response to its consultation on the proposed changes to publications and confidentiality to SDT Phase 1 reporting.
APRA included in the response letter a proposal for consultation on updates to definitions relating to ‘Promoters’ for superannuation data collections. Submissions closed on 26 April 2024.
The response letter, publication templates, confidentiality positions and non-confidential submissions are available below:
Response letter
Superannuation data transformation publications and confidentiality response
Draft publications
Confidentiality proposals
Non-confidential submissions
Consultation on Publications and Confidentiality and promoter definition
On 10 October 2023, APRA released a consultation letter outlining the proposals for the publication and the confidentiality of data reported under the new superannuation reporting standards.
Submissions on these proposals are due 29 November 2023.
The consultation letter, draft publications and confidentiality proposals are available below:
Consultation Letter
Superannuation Data Transformation publications and confidentiality consultation
Draft publications
Confidentiality proposals
Consultation on Publications and Confidentiality and promoter definition
On 23 May 2023, APRA determined nine updated reporting standards. This follows APRA’s response to consultation on Minor Amendments to reporting standards introduced under Phase 1 of the Superannuation Data Transformation (SDT) project on 3 March 2023.
Notification: APRA determines reporting standards following Superannuation Data Transformation Phase 1 Minor Amendments.
The determined reporting standards are listed below and are available on the APRA website at: Prudential and Reporting Standards for Superannuation.
- Reporting Standard SRS 101.0 Definitions
- Reporting Standard SRS 251.0 Insurance
- Reporting Standard SRS 332.0 Expenses
- Reporting Standard SRS 550.0 Asset Allocation
- Reporting Standard SRS 605.0 RSE Structure
- Reporting Standard SRS 606.0 RSE Profile
- Reporting Standard SRS 705.0 Components of Net Return
- Reporting Standard SRS 705.1 Investment Performance and Objectives
- Reporting Standard SRS 706.0 Fees and Costs
Consultation on Publications and Confidentiality and promoter definition
On 3 March 2023, APRA released a response to its consultation on the proposed minor amendments to SDT Phase 1 reporting.
The response letter, reporting standards and non-confidential submissions are available below:
Response letter
Response to Superannuation Data Transformation minor amendments consultation
Reporting standards
Non-confidential submissions
Consultation on Publications and Confidentiality and promoter definition
On 7 November 2022, APRA released a discussion paper outlining the proposals for minor amendments to SDT Phase 1 reporting.
Written submissions on these proposals are requested by 2 December 2022, APRA will release the consultation response on 3 March 2023.
The discussion paper and draft reporting standards are available below:
Discussion Paper
Draft reporting standards
Consultation on Publications and Confidentiality and promoter definition
On 25 July 2022, APRA released a response to its consultation on the publication and the confidentiality of data reported under the new superannuation reporting standards.
The response paper, metrics, publication templates, confidentiality positions and consultation submissions are available below:
Response paper
Templates and response paper attachments
Submissions
Consultation on Publications and Confidentiality and promoter definition
On 18 February 2022, APRA released a discussion paper outlining the proposals for the publication and the confidentiality of data reported under the new superannuation reporting standards. Submission on these proposals were due 15 April 2022.
The discussion paper, draft metrics, draft publications and confidentiality proposals are available below:
Discussion paper
Draft metrics
Draft publications
Confidentiality proposals
Consultation on proposed amendments to reporting requirements for the first phase of the SDT project (CLOSED)
In September 2021, APRA determined the 10 reporting standards developed under first phase of its multi-year Superannuation Data Transformation project.
The reporting standards include minor amendments to the versions of the reporting standards APRA released as part of the response to consultation in March 2021. These minor amendments incorporate clarifications issued publicly as Frequently Asked Questions .
Under the staged implementation approach, APRA will permit RSE licensees to report certain information on a best endeavours basis for a defined period of time. To improve clarity of drafting, the scope of data that may be submitted on a best endeavours basis has been removed from the reporting standard and provided as guidance. Despite this change, there will be no difference in how APRA will administer compliance with reporting of information which can be submitted on a best endeavours basis.
The reporting guidance and FAQs are available here: Frequently Asked Questions - Superannuation Data Transformation
The Superannuation Data Transformation Regulation Impact Statement is available on the APRA website at Regulation impact statements.
Notification: APRA determines Superannuation Data Transformation reporting standards.
Other updates
Superannuation reporting framework - frequently asked questions
Reporting requirements for superannuation entities
Consultation on proposed amendments to reporting requirements for the first phase of the SDT project (CLOSED)
In March 2021, APRA released a response to its consultation on reporting requirements for the first phase of its multi-year Superannuation Data Transformation (SDT). The response paper and 10 final reporting standards are available below. APRA received 12 non-confidential submissions in response to its consultation, which are also available below.
The new super data collections address critical data gaps in the current reporting framework and the highest priority areas impacting member outcomes including: the expansion of the data collection to include all products and investment options; and improved data in relation to performance, fees and costs, insurance arrangements, expenses, member demographics and asset allocation classifications.
Media release: APRA completes first phase of its Superannuation Data Transformation
Response paper
The new Reporting Standards are available on the APRA website at Prudential and Reporting Standards for Superannuation and should be read in conjunction with the FAQs which are available here: Frequently Asked Questions - Superannuation Data Transformation.
Reporting standards
Non-confidential submissions
Consultation on proposed amendments to reporting requirements for the first phase of the SDT project (CLOSED)
In November 2019 APRA released a discussion paper outlining the scope, objectives and approach to the Superannuation Data Transformation. Consultation on proposals under Phase 1 was done over three consultation periods supported by the release of consultation packages including topic papers, each covering a different aspect of the consultation. Each of these three consultation package releases is detailed below.
Media release: APRA’s Superannuation Data Transformation to enhance industry transparency and accountability
Discussion paper
Consultation on proposed amendments to reporting requirements for the first phase of the SDT project (CLOSED)
In August 2020, APRA released the final consultation package on reporting requirements for the first phase of SDT. Submissions on these proposals closed on 13 November 2020.
Consultation package: Phase 1 - Expenses, Asset Allocation, Insurance Arrangements and Fees and Costs
Consultation on proposed amendments to reporting requirements for the first phase of the SDT project (CLOSED)
On 19 December 2019 APRA released a second consultation package on reporting requirements for the first phase of SDT. Submissions on these proposals closed on 26 March 2020.
Consultation package: Phase 1 – Performance and Member Accounts
Consultation on proposed amendments to reporting requirements for the first phase of the SDT project (CLOSED)
In November 2019 APRA released the first consultation package on reporting requirements for the first phase of SDT. Submissions on these proposals closed on 17 January 2020.
Consultation package: Phase 1 – RSE Structure and Profile
About this consultation
APRA’s Superannuation Data Transformation (SDT) project delivered better industry practices and improved member outcomes by significantly enhancing the comparability and consistency of reported data. The project made it easier to scrutinise and reliably compare fund and product performance, especially in the choice segment of the market.
APRA publishes frequently asked questions (FAQs) that provide guidance on commonly asked questions about reporting about reporting introduced under SDT project.
Phase 1
Phase 1 of the SDT addressed critical gaps in the current reporting framework and expanded APRA’s data collection to capture data across all superannuation products, investment menus and investment options.
The SDT Phase 1 Consultation on the required reporting requirements commenced in November 2019 and was finalised in September 2021 when APRA determined 10 new reporting standards.
Consultation on the SDT Phase 1 data publications and confidentiality discussion paper closed on 15 April 2022. The response package for this consultation was released on 25 July 2022.
Consultation on the SDT Phase 1 Minor Amendments closed on 2 December 2022, APRA released the consultation response on 3 March 2023. The discussion package for this consultation was released on 7 November 2022.
Consultation on the SDT Phase 1 data publications and confidentiality consultation closed on 29 November 2023. The response package for this consultation was released on 27 March 2024.
Consultation on the definition of promoter for superannuation data collections closed on 26 April 2024. The response letter for this consultation was released on 6 June 2024.
Phase 2
Phase 2 of the SDT increased the level of detail of superannuation data APRA collects.
Consultation on proposals for the collection of data on investments (including indirect investment costs), registrable superannuation entity (RSE) and RSE licensee profile and RSE licensee financials closed on 31 March 2024. The first response package for this consultation (indirect investment costs and RSE licensee financials) was released on 20 September 2024, with a second release package (investments and RSE and RSE licensee profile) released on 6 December 2024.
SDT Strategic Forum
The objective of the Superannuation Data Transformation Strategic Forum (SDTSF) was to obtain input from industry stakeholders to contribute to APRA’s understanding and resolution of the challenges for implementing and transitioning to the new superannuation data collections. APRA held the last SDTSF in September 2023.
Consultations
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.
Submissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.