Greater granularity for Australian pensions data: phase one complete
The Australian Prudential Regulation Authority (APRA) has released a response paper and final reporting standards for Phase 1 of its multi-year Superannuation Data Transformation (SDT), superannuation being Australia’s term for compulsory employee pensions. The SDT aims to increase the breadth, depth and quality of superannuation data collected by APRA.
The first phase is focused on breadth, addressing reporting gaps and expanding scope. Ten new reporting standards have been developed, covering Registrable Superannuation Entity (RSE) structure and profile, performance, member demographics, expense management, asset allocation, insurance arrangements, and fees and costs. Most of this information will be submitted from September 2021, although APRA has allowed some less critical data to be deferred for a year.
APRA hopes that the changes will bring greater transparency and facilitate scrutiny of the superannuation industry, helping APRA hold trustees to account and all stakeholders to make more meaningful comparisons and more informed decisions. They come as part of a broader push to modernisation and greater data granularity across APRA.
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