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  • Superannuation Diagnostic Report for large APRA Funds key messages March 2019

    Introductions and recap on project purpose

    Jason Lucchese, Second Commissioner, Superannuation ATO, welcomed the group and provided an outline of the meeting objectives.

    Key messages:

    • The current Risk Differentiation Framework process has been successful over the last five years, however with the advent of event-based reporting brings opportunities to work in contemporary ways with funds to further improve its value to the integrity to the operation of the superannuation system.
    • A redesigned diagnostic will look to make improvements to the current diagnostics report, by:
      • Redesigning the indicators and statistics to closely reflect the funds’ process and approach to reporting.
      • Undertaking a more tailored approach by segregating industry groups by comparative size and risk ratings.
      • Enhancing the report by providing a holistic picture of the fund through the addition of qualitative data and data governance measures to contextualise the results generated by the hard data.
      • Providing timely assessment of data reported via event-based reporting by incorporating new indicators and statistics covering a range of products and reporting requirements.
       

    Update on the development of the re-design concept

    Key messages

    • ATO is testing the flows of Member Account Attribution Service and Member Account Transaction Services data reported by funds and captured by ATO systems. This phase will be followed by consultations to delve into the mechanics of the data extraction and what statistics/indicators it represents.
    • The details and methodology for calculating indicators and statistics are still in the development phase however it is expected that these indicators provide Industry with a level of insight into the system in operation.

    Proposed indicators

    Key messages

    • Through our consultations with industry, funds have provided feedback on:
      • timeliness indicators where lodgements are primarily through paper-based returns
      • the use of statistics instead of indicators to measure lodgements where certain fields are optional/out of the Funds control but consequential to the member experience (for example, TFN integrity/unmatched Member Account Attribution Service
      • the possibility of aggregating certain indicators into a single, umbrella indicator of ‘unmatched TFNs’ which will include non-individual TFNs/duplicate TFNs and exclude non-quotation of TFN.
       
    • The scope of the redesigned diagnostic will primarily operate on a fund-level basis however we will explore the possibility of breaking down the report by Unclaimed Superannuation Identifier and/or administrators.
    • Statistics of member in accordance to their accumulation/retirement phase can be considered for the redesigned report.
    • ATO is exploring the use of deltas in amendments to track inaccuracies (for example, Unclaimed Superannuation Money amendments).

    Closing messages

    Key messages

    • Future co-design sessions will be scheduled following initial data testing by the ATO. Through these subsequent sessions, co-design members can contribute to how data will be extracted (data logic) to represent indicators against key member reporting requirements.
    • The redesign diagnostic will not only capture the reporting results of the funds, but aim to give a picture of the fund‘s member services based on how data is reporting back to the ATO.

    Attendees

    Organisation and name of attendees

    Organisation

    Members

    BT

    Adam Vickery

    Mercer

    Amanda Gunn

    First State Super

    Amit Malguir

    QSuper

    Catherine Best

    HESTA

    Dean Nemeth

    UniSuper

    George Strilakos

    Colonial State Super

    Hugh Lam

    MLC

    Ian Roberts

    REST Super

    Karen Forster

    Commonwealth Super Corporation

    Lex Dransfield

    ASP

    Paul Larsen

    Link

    Sue Pearce

    IOOF

    Tania Wilson

    AMP

    Tina Cifelli

    ATO

    Jason Lucchese

    ATO

    Jodi Williams

    ATO

    Larissa Evans

    ATO

    Rosette Singh

    Apologies

    Organisation

    Members

    CBUS

    Anthony Campbell

    ANZ

    David Delaney

    BT Financial

    David Lim

    ASP

    Hans van daatselaar

    IOOF

    Heide Stewart

    CBA

    John Kennedy

    SunSuper

    Julia Christiansen

    Suncorp

    Kate Locke

    Intrust

    Lawrence Chand

    Commonwealth Super Corporation

    Peter Zorbas

    ASP

    Rob Clarke

    SunSuper

    Sally Arnts

      Last modified: 21 May 2019QC 58971