"SRS 240.0 Membership Profile"
April 2003 Reporting Standard SRS 240.0 Membership Profile Objective This reporting standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001 (‘the Collection of Data Act’). It requires a registered superannuation entity1 to report to APRA, on an annual basis, information in relation to the profile of membership of the superannuation entity and of member benefits. This standard outlines the overall requirements for the provision of this information to APRA. It should be read in conjunction with the version of Form SRF 240.0 ‘Membership Profile’ designated ‘registered superannuation entity’ and the associated instructions (each of which forms part of this standard). Purpose Data collected in Form SRF 240.0 is used by APRA for the purpose of prudential supervision. Application and Commencement This standard applies to a registered superannuation entity. Its provisions will apply to financial years ending on and after 30 June 2004 or such other date declared by APRA. 2 Information Required 1. A registered superannuation entity must provide APRA with the information required by the version of Form SRF 240.0 designated ‘registered superannuation entity’ for the first 3 and subsequent reporting periods. 1 ‘Registered superannuation entity’ refers to a superannuation entity regulated by APRA as defined in SIS 1992 10(1). In reporting Form SRF 240.0 and the instructions, the terms ‘‘Public Offer Superannuation Funds ’, ‘Other APRA regulated superannuation entities’, ‘Multi-Member Approved Deposit Funds’, ‘Pooled Superannuation Trusts’ and ‘Eligible Rollover Funds ’ mean an authorised superannuation entity regulated by APRA. This form does not apply to Small APRA Funds (SAFs)’ and ‘Single-Member Approved Deposit Funds’. 2 See section 15 of the Collection of Data Act. 3 For most registered superannuation entities, the first annual reporting period will be the financial year ending 30 June 2004. Reporting Standard SRS 240.0- 1 April 2003 Forms and Method of Submission 2. As with all forms, a registered superannuation entity can provide the information in electronic form via the ‘Direct to APRA’ application and using one of the electronic submission mechanisms provided by that application. Alternatively, they may do so by m anually completing the forms on paper and faxing or mailing them to APRA by the due date required for lodgment. The application software and forms can be obtained from APRA. Reporting Periods and Due Dates 3. Subject to paragraphs 4 and 5, a registered superannuation entity must provide this information for the financial year of the registered superannuation entity. 4. The following registered superannuation entity are not required to complete this form: (a) Small APRA Funds (SAFs)’ and ‘Single-Member Approved Deposit Funds’. 5. APRA may, by notice in writing change the reporting periods for a particular registered superannuation entity to require it to provide the information: (a) more frequently (APRA may require this when, having regard to the particular circumstances of the registered superannuation entity, APRA considers it necessary or desirable to obtain information more frequently for the purposes of the prudential supervision of the entity); or (b) less frequently (APRA may do so when, having regard to the particular circumstances of the registered superannuation entity and the extent to which it requires prudential supervision, it is unnecessary to require it to provide the information). 6. In the case of the information required from a registered superannuation entity by paragraph 3, the information is required to be provided to APRA within 4 calendar months after the end of the financial year of the superannuation entity. 7. APRA may grant a registered superannuation entity an extension of a due date in writing in which case the new due date for the provision of the information will be the date on the notice of extension. Audit 8. Information required from a registered superannuation entity in the version of Form SRF 240.0 designated for a ‘Registered Superannuation Entity’, is not required to be reviewed and tested by the auditor of the registered superannuation entity. Reporting Standard SRS 240.0- 2 April 2003 Authorisation 9. The information provided by a registered superannuation entity in Form SRF 240.0 must be subject to processes and controls developed by the registered superannuation entity for the internal review and authorisation of that information. It is the responsibility of the Trustee of the registered superannuation entity to ensure that an appropriate set of policies and procedures for the authorisation of data submitted to APRA is in place. 10. If a registered superannuation entity submits Form SRF 240.0 using the ‘Direct to APRA’ software, it will be necessary for the Trustee of the registered superannuation entity to digitally sign, authorise and encrypt the relevant data. For this purpose APRA’s certificate authority will issue ‘digital certificates’, for use with the software, to the Trustee of the registered superannuation entity who have authority to transmit the data to APRA. 11. If Form SRF 240.0 is completed and provided in paper form it must be signed by the Trustee of the registered superannuation entity who is authorised to complete and lodge the form. Minor Alterations to Forms and Instructions 12. APRA may make minor variations to: (a) Form SRF 240.0 and the instructions to that form, to correct technical, programming or logical errors, inconsistencies or anomalies; or (b) the instructions, to clarify their application to the form without changing any substantive requirement in the form or instructions. 13. If APRA makes such a variation it must notify a registered superannuation entity in writing. Reporting Standard SRS 240.0- 3