APRA simplifies retirement data collection by trustees

As part of its response to industry feedback on the proposed Retirement Reporting Framework, the prudential regulator has streamlined data requirements, ensuring transparency while reducing the excessive data collection burden.

The framework is part of the government's retirement phase reforms, intended to improve understanding of how trustees support members in navigating retirement.

APRA kicked off the consultation early in the year to effectively collect and report data from superannuation funds as part of its work under the Retirement Income Covenant.

Treasurer Jim Chalmers released the reforms to help put as much focus on the retirement phase as there is in the accumulation phase.

APRA's role is to collect and publish the data every year from 2027 to produce and deliver insights on fund offerings and member outcomes and to help track progress with retirement phase uplift.

Most stakeholders encouraged APRA to consider whether the level of granularity in the proposed collection was proportionate to the policy objectives of the retirement reporting framework.

In response, APRA has substantially reduced reporting granularity, while preserving the information necessary to support the government's indicators.

"APRA considers the revised approach better balances transparency, comparability and proportionality, and is more closely aligned to the intended purpose of the Retirement Reporting Framework," APRA said.

Following engagement with stakeholders, APRA also said it has made a range of enhancements across the proposed reporting standards that reduce reporting complexity, improve data quality and consistency, and remain aligned with the government's policy objectives.

Stakeholders sought more examples and guidance. APRA responded by producing a draft Reporting Practice Guide to help with reporting requirements and how common retirement scenarios should be treated.

APRA deputy chair David Bradbury said the package had been shaped by extensive stakeholder engagement and would promote transparency across the retirement phase.

"Greater transparency will help trustees understand how members are navigating retirement and identify opportunities to improve the support they provide. It will also give policymakers and the community a clearer picture of how the superannuation system is meeting members' needs," Bradbury said.

In this final consultation, APRA is taking submissions until October 9.

After finalising reporting standards in 2026, APRA will begin collecting data in late 2027, with the first framework indicators and metrics to be published in 2028.

The prudential regulator said it will engage with industry on publication design through 2027 to ensure it is meaningful, contextual and accessible.