APRA has launched the second phase of its project to enhance the breadth, depth and quality of data collected from the superannuation industry.
Phase 1 (Breadth) of Superannuation Data Transformation was completed in March 2021, which addressed urgent data gaps and extended the collections to include choice products and investment options.
Phase 2 (Depth) aims to lift the granularity of the data APRA collects across the superannuation industry’s business operations. It will deliver more comprehensive data on:
• retirement outcomes for superannuation members
• the performance and efficiency of the industry,
• governance, risk management practices, fund operations and industry risks.
APRA will also identify and discontinue redundant data collections.
Consultation will be conducted as follows.
• September to November 2022: RSE licensee operations and profile and financial data
• November to February 2022: Non-financial risk, insurance and investments
• March to June 2023: Membership, retirement outcomes, defined benefits, disclosure and any other topics raised through consultation.
A discussion paper on APRA’s website sets out the objectives, scope and consultation process for Phase 2.
Source: APRA, APRA to deepen superannuation data collection across the industry, [media release], 4 April 2022, accessed 5 April 2022.