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APRA has addressed the most urgent gaps in APRA’s data collection – particularly for Choice products and investment options – in the Superannuation Data Transformation project released today.
In a discussion paper released today, APRA outlines its initiatives and new requirements to improve superannuation data collection, in particular by increasing the comparability and consistency of reported data.
Importantly, this upgrades the scope and granularity of the data APRA collects on Choice products in the first phase of the project.
Requirements for new reporting of Choice products will be finalised by mid-2020, and the first tranche of Choice and investment option data collected under Phase 1 is due to be published in late 2020.
Phase 2 will increase the granularity of all data collection and involve enhanced data analytics. Phase 3 will review the outcome of Phases 2 and 3 and address any implementation issues.
AIST will be involved in consultations with APRA and our member funds about these improvements to measures to improve data transparency and accountability.
For further information or to be involved in consultations, contact AIST Senior Policy Manager David Haynes at firstname.lastname@example.org
The Senate Economics Legislation Committee has recommended that the Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 be passed, giving effect to the amnesty for unpaid super.
Despite multiple participants in the inquiry, including AIST, questioning the effectiveness of the amnesty and expressing concern that the amnesty would send the wrong message to employers, the Committee issued its report recommending that the Bill be passed.
The report also states that given the extension of the amnesty period since the legislation was first announced, a longer amnesty period is not needed.
AIST recommended that the Senate Committee reject the Bill, arguing that a SG amnesty would be neither well-targeted nor effective.
AIST’s submission pointed to international evidence showing that amnesties do not work and can even exacerbate the problem as previously honest citizens reduce their compliance in anticipation of another, future amnesty.
The program for the House of Representatives Standing Committee on Economics superannuation hearings on the 21st and 22nd of November has undergone slight amendments, with REST and Hostplus now expected to appear separately.
The Standing Committee will question the superannuation sector over two days of hearings as part of its ongoing review of the four major banks and other financial institutions.
Suncorp was also originally scheduled to appear, but was excused from the program.
The committee states their examination of the entities, which includes AIST member funds, will include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
View Current program for Day 1 and Day 2 here.