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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.
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