Revocation of superannuation standards
In APRA’s Response Paper to consultation on Superannuation Data Transformation (SDT) Phase 2 which was released on 29 August 2022, APRA outlined the next steps for pre-SDT reporting standards that overlap with Phase 1 reporting standards to reduce duplicate reporting from industry.
For Reporting Standard SRS 533.1 Asset Allocation and Member Benefit Flows (SRS 533.1) the period ending 30 June 2022 will be the last reporting period. APRA has removed the 30 September 2022 period SRF 533.1 form from Direct to APRA (D2A).
Under Reporting Standard SRS 703.0 Fees Disclosed (SRS 703.0), RSE licensees are required to report any changes within 28 calendar days of a change to information reported on the SRF 703.0 form. As per the response to consultation, RSE licensees will need to submit an ad-hoc SRF 703.0 in D2A for any changes up to and including 1 October 2022. The last annual reporting period under SRS 703.0 will be 30 June 2022.
Under Reporting Standard SRS 250.0 Acquired Insurance (SRS 250.0), the period ending 30 June 2022 will be the last reporting period.
APRA intends to revoke SRS 533.1 and SRS 703.0, together with SRS 250.0 reporting standards, prior to 28 October 2022.
As per the response to consultation, APRA is undertaking data quality analysis of Reporting Standard SRS 530.0 Investments and Reporting Standard SRS 534.0 Derivative Financial Instruments. If the quality of reporting is sufficient, APRA intends to revoke these reporting standards later in 2022. RSE licensees will still need to report under these reporting standards for the quarter ending 30 September 2022.
For the following pre-SDT reporting standards that have partial overlap with Phase 1 reporting standards, RSE licensees can email DataAnalytics@apra.gov.au to request an exemption to report the following sections from APRA for periods ending after 30 June 2022:
- Reporting Standard SRS 001.0 Profile and Structure (Baseline) – Part E of SRF 001.0;
- Reporting Standard SRS 601.0 Profile and Structure (RSE) – Items 5 and 6 of SRF 601.0;
- Reporting Standard SRS 610.0 Membership Profile - Items 1, 5 and 7 of SRF 610.0; and
- Reporting Standard SRS 610.2 Membership Profile - Items 5 and 7 of SRF 610.2.
APRA has prioritised consultation on the remaining parts of these reporting standards under Phase 2 of the SDT to enable APRA to revoke the reporting standards in the future.
If you have any questions, please contact DataAnalytics@apra.gov.au
Yours sincerely,
Alison Bliss
General Manager
Data Analytics and Insights