Financial Sector (Collection of Data) (reporting standard) determination No. 3 of 2015
Reporting Standard SRS 160.0 Defined Benefit Matters
Financial Sector (Collection of Data) Act 2001
I, Charles Littrell, delegate of APRA, under paragraph 13(1)(a) of the Financial Sector (Collection of Data) Act 2001 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901:
(a) REVOKE Financial Sector (Collection of Data) (reporting standard) determination No. 66 of 2013, including Reporting Standard SRS 160.0 Defined Benefit Matters made under that Determination; and
(b) DETERMINE Reporting Standard SRS 160.0 Defined Benefit Matters, in the form set out in the Schedule, which applies to the financial sector entities to the extent provided in paragraph 3 of the reporting standard.
Under section 15 of the Act, I DECLARE that the reporting standard shall begin to apply to those financial sector entities, and the revoked reporting standard shall cease to apply, on 1 July 2015.
This instrument commences on the date of registration on the Federal Register of Legislative Instruments.
Dated: 10 June 2015
Executive General Manager
Policy, Statistics and International Division
In this Determination:
APRA means the Australian Prudential Regulation Authority.
financial sector entity has the meaning given by section 5 of the Act.
Reporting Standard SRS 160.0 Defined Benefit Matters comprises the 14 pages commencing on the following page.
Reporting Standard SRS 160.0
Defined Benefit Matters
Objective of this Reporting Standard
This Reporting Standard sets out the requirements for the provision of information to APRA relating to interests in a defined benefit registrable superannuation entity, sub-fund, small APRA fund or single member approved deposit fund.
It includes Form SRF 160.0 Defined Benefit Matters and associated specific instructions and must be read in conjunction with Prudential Standard SPS 160 Defined Benefit Matters.
1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.
2. Information collected in Form SRF 160.0 Defined Benefit Matters (SRF 160.0) is used by APRA for the purposes of prudential supervision and publication, including assessing compliance with Prudential Standard SPS 160 Defined Benefit Matters (SPS 160).
Application and commencement
3. This Reporting Standard applies to each registrable superannuation entity (RSE) licensee (RSE licensee) in respect of each defined benefit RSE, sub-fund and small APRA fund (SAF) within its business operations.
4. This Reporting Standard applies for reporting periods ending on or after 1 July 2015.
5. An RSE licensee to which this Reporting Standard applies must provide APRA with the information required by SRF 160.0 in respect of each reporting period.
Forms and method of submission
6. The information required by this Reporting Standard must be given to APRA in electronic format using the ‘Direct to APRA’ application or, where ‘Direct to APRA’ is not available, by a method notified by APRA, in writing, prior to submission.
Note: the ‘Direct to APRA’ application software (also known as ‘D2A’) may be obtained from APRA.
Reporting periods and due dates
7. Subject to paragraph 8, an RSE licensee to which this Reporting Standard applies must provide the information required by this Reporting Standard in respect of each year of income of:
(a) each defined benefit RSE or SAF; or
(b) each RSE within which a sub-fund is located
within its business operations.
8. If, having regard to the particular circumstances of a defined benefit RSE, sub-fund or SAF, APRA considers it necessary or desirable to obtain information more or less frequently than as provided by paragraph 7, APRA may, by notice in writing, change the reporting periods for the particular defined benefit RSE, sub-fund or SAF.
9. The information required by this Reporting Standard must be provided to APRA:
(a) within three months after the end of the year of income to which the information relates; and
(b) in the case of information provided in accordance with paragraph 8, within the time specified by notice in writing.
10. APRA may grant, in writing, an RSE licensee an extension of a due date with respect to one or more defined benefit RSEs, sub-funds or SAFs within its business operations, in which case the new due date for the provision of the information will be the date on the notice of extension.
11. The information provided by an RSE licensee under this Reporting Standard must be the product of systems, procedures and internal controls that have been reviewed and tested by the RSE auditor of the defined benefit RSE, SAF or the RSE within which the sub-fund, to which the information relates, is located. This will require the RSE auditor to review and test the RSE licensee’s systems, procedures and internal controls designed to enable the RSE licensee to report reliable information to APRA. This review and testing must be done on:
(a) an annual basis or more frequently if necessary to enable the RSE auditor to form an opinion on the reliability and accuracy of information; and
(b) at least a limited assurance engagement consistent with professional standards and guidance notes issued by the Auditing and Assurance Standards Board as may be amended from time to time, to the extent that they are not inconsistent with the requirements of SPS 310.
12. All information provided by an RSE licensee under this Reporting Standard must be subject to systems, processes and controls developed by the RSE licensee for the internal review and authorisation of that information. It is the responsibility of the Board and senior management of the RSE licensee to ensure that an appropriate set of policies and procedures for the authorisation of information submitted to APRA is in place.
13. When an officer or agent of an RSE licensee provides the information required by this Reporting Standard using the ‘Direct to APRA’ software, it will be necessary for the officer or agent to digitally sign the relevant information using a digital certificate acceptable to APRA.
14. If the information required by this Reporting Standard is provided by an agent who submits using the ‘Direct to APRA’ software on the RSE licensee’s behalf, the RSE licensee must:
(a) obtain from the agent a copy of the completed form with the information provided to APRA; and
(b) retain the completed copy.
15. An officer or agent of an RSE licensee who submits the information under this Reporting Standard for, on behalf of, the RSE licensee must be authorised by either:
(a) the Chief Executive Officer of the RSE licensee; or
(b) the Chief Financial Officer of the RSE licensee.
16. APRA may, by written notice to an RSE licensee, vary the reporting requirements of SRF 160.0 in relation to that RSE licensee or one or more defined benefit RSEs, sub-funds or SAFs within that RSE licensee’s business operations.
17. In this Reporting Standard:
APRA means the Australian Prudential Regulation Authority established under the Australian Prudential Regulation Authority Act 1998;
Chief Executive Officer means the chief executive officer of the RSE licensee, by whatever name called, and whether or not he or she is a member of the Board of the RSE licensee;
Chief Financial Officer means the chief financial officer of the RSE licensee, by whatever name called;
defined benefit RSE means an RSE that is a defined benefit fund within the meaning given in SPS 160;
due date means the relevant date under paragraph 9 or, if applicable, paragraph 10;
reporting period means a period mentioned in paragraph 7(a) or, if applicable, paragraph 8;
RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act;
RSE auditor means an auditor appointed by the RSE licensee to perform functions under this Reporting Standard;
RSE licensee has the meaning given in section 10(1) of the SIS Act;
SIS Act means Superannuation Industry (Supervision) Act 1993;
SIS Regulations means Superannuation Industry (Supervision) Regulations 1994;
small APRA fund (SAF) means a regulated superannuation fund, within the meaning given in section 10(1) of the SIS Act, which has fewer than five members and which meets the definition of defined benefit fund in SPS 160;
sub-fund means a defined benefit sub-fund within the meaning given in SPS 160; and
year of income has the meaning given in section 10(1) of the SIS Act.
SRF 160.0: Defined Benefit Matters
Australian Business Number
1. Defined benefits measures
Defined benefit interests
Defined contribution interests
1.1. Accrued benefits
1.2. Vested benefits
1.3. Minimum benefits
1.4. Net assets available for members’ benefits (net of ORFR reserves)
1.5. Date of defined benefits measures
2. Shortfall limit
3. Actuarial projection assumptions
3.1. Long term investment return assumption
3.2. Long term wage growth assumption
3.3. Long term consumer price index assumption
3.4. Date of actuarial projection assumptions
Weighted average term and certificate information
4. Weighted average term of projected defined benefit liabilities
4.1. Weighted average term of defined benefit liabilities
4.2. Date of weighted average term calculation
5.1. Current effective date of funding and solvency certificate
5.2. Have any notifiable events occurred?
5.3. Date of benefit certificate
Financial position type
5.4. Current financial position
Satisfactory financial position
Unsatisfactory financial position
5.5. Financial position change
Financial position type
Satisfactory financial position
Unsatisfactory financial position
Detailed member segmentation
6. Age segmentation