If I'm setting up a super fund, what information needs to be given to APRA?

In Plain English

Okay, so you're setting up a super fund and need to know what information you have to give to APRA (the Australian Prudential Regulation Authority). APRA needs this information to keep an eye on the superannuation industry and make sure everyone's doing the right thing, which ultimately protects the retirement savings of fund members.

Here's a general idea of what APRA requires:

• Information about the fund itself: This includes the fund's name, address, contact details, and its Australian Business Number (ABN).
• Details about the people running the fund: This includes the RSE licensee's name, address, and ABN. If the licensee is a group of individuals, you'll need the name of each trustee.
• Information about the types of products offered: If you offer "MySuper" products (the simple, default super options), APRA needs details about those, including their names and unique identifiers.
• Regular reporting: APRA requires RSE licensees to report information on RSE structure and profile, membership, investments, performance, fees and costs, insurance and expenses.
• RSE Profile: APRA requires information relating to the profile of a registrable superannuation entity (RSE) and defined benefit RSE.

APRA also needs to know about any big changes, like winding up the fund or changing its status.

Detailed Explanation

APRA collects a wide range of data from superannuation entities to fulfill its prudential supervision responsibilities and promote transparency within the industry. The specific information required depends on the type of superannuation entity and the nature of its operations.

Here's a breakdown based on the provided context:

1. Registerable Superannuation Entity (RSE) Information:

   • APRA maintains a register of RSEs and their RSE licensees, as mandated by the Superannuation Industry (Supervision) Regulations 1994.
   • The register includes details such as:
     • Name of the entity
     • Postal and registered addresses
     • Contact person and details
     • Status of the entity
     • Australian Business Number (ABN)
     • Class of RSE license held by the RSE licensee
     • Information on MySuper products, if offered, including name, unique identifier, type of authorization, and associated large employers
     • Whether the entity is an eligible rollover fund
     • Details of the RSE licensee (name, address, ABN, etc.)

   • Reporting Standards:

   • APRA uses reporting standards issued under the Financial Sector (Collection of Data) Act 2001 to collect data from RSE licensees.

   • These standards cover various aspects of the superannuation business, including:
     • RSE structure and profile
     • Membership details
     • Investment information
     • Performance data
     • Fees and costs
     • Insurance arrangements
     • Expenses
     • Asset allocation classifications
   • Financial Sector (Collection of Data) (reporting standard) determination No. 19 of 2021 outlines specific reporting requirements for member accounts, including the number of accounts and value of member benefits, broken down by age, sex, benefit bracket, and inactive status.
   • Financial Sector (Collection of Data) (reporting standard) determination No. 11 of 2025 refers to Reporting Standard SRS 606.0 RSE Profile, which requires information relating to the profile of a registrable superannuation entity (RSE) and defined benefit RSE.
   • Financial Sector (Collection of Data) (reporting standard) determination No. 47 of 2023 revokes and replaces Reporting Standard SRS 706.0 Fees and Costs Disclosed, requiring RSEs to provide data on disclosed fees and costs for members for all products, investment menus and options.

   • Ongoing Obligations:

   • RSE licensees have ongoing obligations to notify APRA of certain events, such as:

     • Becoming a trustee of an entity (Superannuation Industry (Supervision) Regulations 1994)
     • Decisions to wind up the entity or retire as a trustee (Superannuation Industry (Supervision) Regulations 1994)
     • Changes in the class of the RSE (Superannuation Industry (Supervision) Regulations 1994)

   • Tax File Numbers:

   • APRA has issued approvals regarding the collection, use, and disclosure of tax file numbers (TFNs) in the superannuation context.

   • Superannuation Industry (Supervision) Tax File Number approval No. 1 of 2017 outlines the manner in which trustees must request TFNs from beneficiaries and inform other superannuation providers of a beneficiary's TFN.
   • Retirement Savings Accounts Tax File Number approval No. 1 of 2017 contains similar provisions for Retirement Savings Accounts (RSAs).

It's important to consult the specific reporting standards and regulations relevant to your superannuation entity to ensure full compliance.