The Association of Superannuation Funds of Australia (ASFA) has moved to broaden its regulatory implementation support for super funds, administrators and service providers as the sector prepares for a heavy reform workload, including Payday Super.
The peak body said its revamped ASFA InPractice (AIP) service would focus on the operational work that follows major policy change, covering the process from early policymaking through to practical implementation.
The service will produce implementation playbooks, guidance notes and standards, with the material to be made available across the sector regardless of ASFA membership.
“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.”
The expanded model will also change how ASFA member funds access the service. From July, ASFA InPractice’s co-design working groups will be included as part of membership, rather than operating under the previous opt-in model.
The working groups are designed to bring together practitioners from funds, administrators and service providers to develop common approaches to regulatory compliance and implementation.
“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.
ASFA said participants would have access to dedicated engagement channels with regulators, including the ATO and APRA, allowing implementation issues to be escalated where clarity or transitional arrangements are needed.
Payday Super has already been one area where those channels have been used, with the reform requiring significant operational changes across funds, employers, payroll systems and service providers.
The peak body said the broader service was intended to reduce duplication across the sector by developing practical material that could be adopted or adapted by individual organisations.
“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,” Delahunty said.
