The Australian Prudential Regulation Authority (APRA) is to launch a new data collection project to assess the progress and impact of the temporary early release of superannuation scheme.
From next week, registrable superannuation entity (RSE) licensees will be asked to complete and submit APRA’s new Early Release Initiative (ERI) data collection form weekly until further notice.
According to APRA, the ERI reporting form will gather information from the RSE licensees, including the number and value of early release benefits paid to superannuation members and the processing times of those payments.
It said the data would help the Government, APRA and other stakeholders monitor the take-up of the new scheme and ensure licensees were processing eligible applications in a timely manner.
APRA said it intended to publish the data at both the industry and fund level and it expected the data from the RSEs to be released on a best endeavours basis.
It said it would implement reporting through a legally binding standard if the response from industry did not meet the objectives of the data collection.
It said the first ERI data collection is due on 29 April 2020 for information as at 26 April.
