APRA has advised that it will be collecting data from superannuation entities to assess the progress and impact of the government’s temporary early release of superannuation in response to the COVID-19 outbreak.
A range of information will be collected via an early release initiative reporting form from registrable superannuation entity licencees, including the number and value of early release benefits paid to superannuation members and the processing times of those payments. It is intended to help APRA ensure licencees are processing eligible applications in a timely manner.
The first ERI data collection is due on 29 April 2020 for information as on 26 April 2020. More information and FAQs on the ERI reporting template are available on the APRA website.
APRA has also published two new frequently asked questions (FAQs) setting out its expectations for superannuation trustees on the release of benefits under the COVID-19 temporary early access to superannuation provision. The new FAQs (11 and 12) outline expected processing times and fraud-checking in dealing with payments to superannuation members significantly financially impacted by COVID-19.