Government aligns Stronger Super RSA data standards
The Federal Government has moved to align data and payments standards for retirement savings accounts (RSAs) with other Stronger Super legislation.
It has registered the Retirement Savings and Related Legislation Amendment Regulation which sets data and payments standards for RSA providers and entities exchanging payments and information.
Treasury said the regulation was similar to regulations for data and payments standards applying to super entities set out in the Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 5), with some significant differences.
As employees choose their RSA provider, an employer is not required to give the RSA provider initial registration, as these details would be conveyed by the employee to the employer.
An RSA provider does not need to validate initial registration information or establish a process to deal with invalid registrations, Treasury said.
It also advised that some of the provisions applying to super funds were not included due to the different structure and nature of investment processes of RSAs.
"Nonetheless, the broad intention is that the Regulation will replicate, and achieve the same outcome as, the amendments made by the Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 5) which sets data and payment standards for superannuation entities," it said.
Treasury also advised some minor wording changes to the Superannuation Industry (Supervision) Regulations 1994 (SISR 1994) contained within the regulation.
It said an extensive consultation period also involved the SuperStream Working Group.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
