APRA's Retirement Reporting Framework: What the Draft Standards Mean for Super Funds
- Team Nuj
- 2 days ago
- 3 min read
APRA has opened consultation on draft reporting standards that cover the retirement options and advice services funds make available to members, and how members engage with retirement products. Submissions close 3 June 2026. Here is our summary of the proposed changes.
What is the Retirement Reporting Framework?
The Retirement Reporting Framework is a Government initiative designed to collect and publish comparable retirement-phase superannuation data, helping trustees measure progress on their obligations under the Retirement Income Covenant. APRA opened consultation on its proposed implementation in March 2026. APRA describes its aim as a "fit-for-purpose" design with minimal unnecessary regulatory burden, though funds with less developed member-centric reporting will likely have more ground to cover.
The three APRA indicators
The framework includes three indicators that capture the retirement options and services a fund makes available to members.
Indicator 1
Drawdown Options
Options for drawdowns other than the minimum drawdown rate.
Indicator 2
Lifetime Income Products
Access to lifetime income products, with sub-points 2.1 and 2.2 covering specific product types and access arrangements.
Indicator 3
Personal Financial Advice Services
Access to, or provision of, personal financial advice services, with sub-points 3.1 and 3.2 covering the nature and delivery of those services.
The three APRA retirement metrics
Three metrics capture quantitative retirement outcomes at the member-cohort level. Each has sub-points defining the specific data items required.
Metric 1
Take-up of Retirement Products
1.1 — Proportion of members with an accumulation account only
1.2 — Proportion of members in a retirement income stream product, by product type
Metric 2
Payments from Retirement Products
2.1 — Proportion of members drawing at the minimum drawdown rate
2.2 — Average value of all retirement income stream benefit payments
2.3 — Average value of all lump sum withdrawals
2.4 — Average value of total payment by product type
Metric 3
Balance Utilisation
3.1 — Average balance at death for members in accumulation
3.2 — Average balance of account closed for reasons other than death, by actions taken
The affected reporting standards
APRA is proposing changes to three reporting standards as part of this consultation.
SRS 611.1 Retirement Member Profile is the new standard at the heart of the framework. It collects member-cohort-level data for retirement members aged 60 and above, representing a meaningful shift from account-level reporting. Metrics are segmented using five member attributes: age, sex type, account balance bands, retirement status indicators, and product holdings. Each unique combination of those attributes forms a member cohort. Five product categories are proposed: accumulation products, transition to retirement pensions, account-based pensions, lifetime income products, and other retirement income streams.
SRS 607.0 RSE Business Model is being revised to incorporate indicators covering what advice and retirement income options a fund makes available to members.
SRS 101.0, Definitions for Superannuation Data Collections, is being updated to support the new and revised standards and align definitions across the collection where possible.
APRA is also proposing to revoke the existing SRS 610.0 Membership Profile to reduce duplication and overlap with SRS 611.1.
What funds need to work through now
APRA is targeting final standards in Q3 2026 and first collection in Q4 2027. The consultation questions give a useful framework for internal assessment:
Do the new data items make sense in light of the framework's objectives?
Can your fund supply the data based on APRA's proposed definitions?
What system or administration changes would be required?
Are the proposed timelines manageable?
Key dates
Figure 1: Proposed implementation timeline. Source: APRA, Proposed superannuation data collection to implement the Government's Retirement Reporting Framework, March 2026.
Working through the RRF consultation?
Nuj is hosting an open discussion forum on 14 May for super funds to share initial reactions, hear where others are at, and explore how the industry might provide coordinated feedback to APRA ahead of the 3 June deadline.
This article is based on APRA's consultation material as published in March 2026. Implementation details remain subject to consultation.
For APRA's full consultation paper, see Implementation of Government's Retirement Reporting Framework – APRA's proposals.
Comments