Superannuation reporting standards require regulated superannuation funds to provide certain information to the Australian Prudential Regulation Authority (APRA). These reporting standards were previously updated in 2004. Since then, the superannuation industry has evolved significantly and become considerably larger and more complex. In particular, superannuation entities now have a greater number of products, investment options and sub-funds/sub-plans than were previously contemplated. In addition, the Australian Government’s 2012 ‘Stronger Super’ legislative reforms have given APRA greater data collection powers, coupled with greater obligations to publish industry data. APRA also released new prudential standards in November 2012, which apply to regulated superannuation funds. On 28 March 2013, APRA released its final package of 35 final reporting standards, reporting forms and instructions for APRA-regulated superannuation funds. The standards implement recommendations from the Government’s Stronger Super reforms, and support the implementation of the revised prudential standards. The new standards will take account of developments in the superannuation market as well as the prudential regulation framework. In particular, the standards are intended to strengthen APRA’s ability to identify, evaluate and, where appropriate, investigate and respond to risks faced by superannuation entities. It also enables APRA to periodically amend its prudential framework in response to shifts in the size, nature and complexity of the superannuation industry. The industry is expected to experience both implementation and ongoing costs in complying with the new system. Implementation costs are likely to include new compliance and reporting systems (including IT setup); educating key personnel; and updating internal and external governance arrangements. Estimates of IT startup costs varied significantly among entities, with responses ranging from $2-8 million. Supplementary service provider costs and extra premiums to meet short timeframes were also varied, with estimates ranging from $400 000 to $1.2 million. The costs per entity may also vary based on the level of support provided by the parent entity. Ongoing compliance costs are expected to be comparatively minor. The requirements in 24 of the final reporting standards will take effect from 1 July 2013, with the remaining 11 taking effect from 1 July 2014. The first publication using the new data will be published in late 2013, and APRA expects to consult with industry regarding its proposals for new publications later this year. A Regulation Impact Statement was prepared by APRA and assessed as adequate by the Office of Best Practice Regulation.
- Superannuation Reporting Standards [
322 KB] - Superannuation Reporting Standards [
340 KB]