What We’ve Heard, What Comes Next & Why It Matters

Nuj’s Executive Roundtable reflections on the waves of APRA’s SDT programme

Phase 2 of APRA’s Super Data Transformation (SDT) is going to demand more from every fund. More clarity. More accountability. More alignment.

That’s why Nuj recently brought senior leaders from across the Australian superannuation sector together for a roundtable lunch.

The focus wasn’t on solutions, it was on shared experience. We looked back at Phase 1, talked candidly about what made it hard, and unpacked the challenges that are still weighing heavily across the industry.

Looking back with insight

We kicked off with a fireside chat between our CEO Matthew McKenzie and Jonathan Steffanoni, Managing Partner at Legal & Prudential Advisors and ASFA Fellow.

They reflected on APRA’s role during Phase 1. There was consistent engagement—through forums, feedback sessions, and opportunities for input—but clarity was still hard to come by. With each fund interpreting guidance in its own way, alignment proved elusive.

Applying a single data structure across diverse businesses, systems, and operating models was enormously complex. Around the room, one sentiment stood out: overwhelmed.

And when you're under pressure, working in silos and making independent assumptions only compounds the challenge, introducing even more risk.

As Jonathan reminded the group:

“The legal standard is strict. Success isn’t based on whether you tried your best. It’s whether the data is compliant.”

It wasn’t a new idea, but it echoed what many in the room were already feeling. That legal accountability is real, it's heavy, and it's part of what’s driving the pressure across teams. Trustees are ultimately responsible for what’s submitted, no matter who prepares it, or how fragmented the process might be behind the scenes.

Shared Pain Points, Familiar Patterns

As the conversation unfolded, attendees shared their lived experiences of navigating Phase 1:

• Struggling to meet board expectations.

• Teams being stretched.

• Conflicting interpretations of requirements.

• Constantly shifting goalposts.

Everyone had their own version of the same story. Despite different structures and resourcing, the underlying challenges were consistent:

• Boards want certainty

• Teams need support

• Collaboration is essential, but rarely embedded

• The pace of change is relentless

• Guidance exists, but interpretation varies

  
  

Alongside all this, many acknowledged that APRA reporting doesn’t sit within BAU. It’s an additional business requirement that stretches already limited resources. The data often isn’t reused or leveraged internally, its sole purpose is to meet regulatory obligations and manage risk exposure. That disconnect adds to the weight. It’s a high-effort process, delivering little direct value to the fund itself.

“What Is Your Data Saying?”

One of several powerful conversations centred on the implications of publicly available fund-level data. It’s no longer just a compliance requirement, it’s a public record.

The group surfaced three key concerns:

• Benchmarking exposure — How your fund appears next to others

• External interpretation — The risk of data being used for media or political narratives

• Internal ambiguity — Uncertainty about what your own data is really saying

As one attendee summed it up:

“Every data point is a message. Do you know what yours is saying?”

It’s not just about being accurate. It’s about being understood—and making sure the narrative your data tells aligns with your intent.

So Where Do We Go From Here?

That’s the big question, but it’s one we’re asking with you, not for you.

This session helped us take a step back, see the full picture, listen, learn, and work through the complexities together, all so we could gain the clarity we need to move forward with confidence.

It’s clear the need to have a single source of truth that removes fragmented workflows and data handling is more important than ever. Especially with Phase 2 fast approaching. Soon there'll be even more data requirements and scrutiny with less direct guidance, but that also means more opportunity to do better, share what’s working and improve what isn’t.

If this roundtable showed us anything, it’s that no one is alone in this. The questions you’re asking, the challenges you’re facing, they’re shared. And we’ll keep creating space for these conversations because the best answers don’t come from going it alone, they come from sitting around a table, talking things through, and moving forward together.

If you’d like to be part of our next roundtable, or if you’ve got something to share, we’d love to hear from you. NUJ will continue to lead these conversations, and help turn them into action.