The Australian Prudential Regulation Authority has finalised some pension reporting rules after a period of consultation.

The Australian Prudential Regulation Authority (APRA) has released final versions of four reporting standards. It has also published reporting forms and instructions for the pension/superannuation funds that it regulates.

The information to be reported is about certain non-MySuper investment options, known as select investment options. The four reporting standards released today require the submission of quarterly information about investment performance, asset allocation and member flows, as well as structural information about these investment options.

Submissions on the draft proposals that led to these final requirements were generally supportive of APRA’s proposed approach.

APRA has significantly reduced the compliance burden on industry in reporting on select investment options while still ensuring timely reporting of information on a significant proportion (around 80 per cent) of superannuation industry assets. The new requirements reduce the number of select investment options that the industry will report to APRA by 50 per cent. This has been achieved by only requiring reporting for investment options that exceed the higher quantitative thresholds of $200 million or five per cent of total fund assets. APRA has also removed some qualitative elements of the definition of select investment options. Further information to be reported under the new reporting standards will only have to be submitted quarterly and not audited.