ASFA expands technical implementation service

The Association of Superannuation Funds of Australia (ASFA) is expanding its technical implementation service across all ASFA members, regardless of their membership status.

From July, access to ASFA InPractice's (AIP) co-design working groups will be available to all ASFA member funds as part of their membership, in a change from the previous opt-in model, ASFA said.

The service is designed to bridge the gap between regulatory intent and operations for superannuation practitioners, funds, administrators and regulators by translating policy into sector guidance standards, governance approaches, operational processes, and data and technology requirements.

The revamped service will help related entities manage major regulatory transformations - like the one currently underway with Payday Super - from the early stages of policymaking through to practical implementation.

"ASFA has spotted a missing piece in how funds and service providers work through the complex and costly work of implementing regulatory change. AIP will complete the sector's policy-to-practice puzzle," ASFA chief executive Mary Delahunty said.

"AIP has long supported important work like SuperStream, the Division 296 tax regulations and Payday Super. But the message from funds and administrators is clear: more support is needed through the regulatory change lifecycle, and that is why we're investing more in AIP over the coming year."

She also said working groups bring together a "non-competitive" community of practitioners to co-design and standardise approaches to regulatory compliance, as they can escalate implementation matters to regulators including ATO and APRA to seek clarity.

"By opening AIP to all member funds, we are extending the benefit of co-designing implementation work, reducing cost and duplication for funds and ultimately improving outcomes for every single member of an APRA-regulated super fund," Delahunty said.

"Regulatory change does not finish when legislation or guidance is published. That's where the most complex and costly work begins.

"We're excited to be able to support the super system with the full policy-to-practice lifecycle, to deliver more value for our member funds and service providers and ultimately, more value for super fund members."