APRA has on Tue 23.4.2013, released for consultation a draft reporting form for the collection of data from APRA-regulation superannuation funds to assist with the benchmarking and evaluation of the SuperStream reforms.
In a letter to RSE licensees, APRA noted that the success of SuperStream in improving the efficiency of the superannuation back-office function will be measured by conformance with the Superannuation Data and Payment Standards (issued by the Tax Office), the rates of straight through processing, reductions in cost of processing and improved data integrity of member details.
Draft Superannuation Reporting Form 711.0 SuperStream Benchmarking Measures (SRF 711.0) includes a small number of data items not currently collected as part of APRA’s regular quarterly and annual collections. APRA expects that this additional data will give an insight into the rate of take up of the Data and Payment Standard and some of the direct consequences of its adoption. APRA said that SRF 711.0 is designed to collect data from the first quarter of 2013-14 to the last quarter of 2018-19 on the number of inward and outward rollovers and contributions classified by compliance with the data and payments standard; whether manual handling or error resolution was required; and the cost of straight-through processing. The other SuperStream benchmarking metrics are contained in APRA’s proposed final reporting forms released on 28 March 2013.
SUBMISSIONS are due by 6 May 2013.
[LTN 76, 23/4/13]