On 23 March 2026, the Australian Prudential Regulation Authority (APRA) issued a consultation on the implementation of the Retirement Reporting Framework (the Framework).

Background

In November 2024, the Government announced a package of reforms in response to feedback on the superannuation in retirement consultation. This included the introduction of a new reporting framework on retirement outcomes to foster greater transparency and enable monitoring of member outcomes in retirement.

The Framework is one of several Federal Government initiatives to uplift the retirement phase of superannuation. Following a Treasury-led consultation through 2025, the Government announced the final high-level design of the Framework on 23 February 2026. The purpose of the Framework is to enable monitoring of the outcomes delivered to members in retirement in a consistent and transparent way and support trustees to measure their progress in implementing the retirement income strategies required by the Retirement Income Covenant (Covenant). Data is expected to be collected by APRA, to provide insights on fund offerings and member outcomes, and help track progress with retirement phase uplift.

Consultation

The design specifications for the Framework that were released by the Government specify the indicators and metrics, and attributes for member cohorts, for the collection. However, these are expressed at a high-level, with the detailed implementation, including design of reporting standards and forms required to be undertaken by APRA.

As such the consultation paper focuses on APRA’s approach to implementing the Framework and focuses on key concepts, indicators, metrics and member cohorts and attributes.

Consistent with the application of the Covenant, APRA is proposing that the collection will apply to all Registerable Superannuation Entity (RSE) licensees. However, for the purposes of the Framework, APRA proposes that members that only have a defined benefit interest and may be excluded from the Covenant via subsection 52AA(3) of the Superannuation Industry (Supervision) Act 1993 (Cth), are excluded from the collection. Where the RSE licensee is a trustee of more than one RSE, the RSE licensee will need to separately provide the information required for each RSE within its business operations.

For the Framework indicators, APRA proposes RSE-level data will be collected on services and offerings made available to members. The specific focus areas are alternative drawdown options, lifetime income products and personal financial advice services.

Three Framework metrics will quantify how RSE licensees are supporting members by examining member behaviour across the retirement landscape, including the types of retirement products, including lifetime income products, held by members, drawdown levels and value of benefit payments and balance utilisation and actions taken when an account is closed. Member attributes such as age, sex type, members’ benefit bracket, product holdings, and retirement status indicator are used to define member cohorts in relation to the metrics. Collection at the member-cohort level allows metrics to be considered at an industry level, an RSE level and by various member segments.

To implement the Framework’s indicators, metrics and attributes, APRA is proposing to:

  • Issue a new Reporting Standard SRS 611.1 Retirement Member Profile.
  • Revise the existing Reporting Standard SRS 607.0 RSE Business Model.
  • Update associated definitions by revising the existing Reporting Standard SRS 101.0.

APRA has issued drafts of these documents alongside the consultation paper.

APRA is also proposing to revoke the existing SRS 610.0 Membership profile to streamline the overall reporting requirements.

In addition, APRA has published a technical paper which contains tables that:

  • Describe the formula that will be used to inform each indicator or metric.
  • Map each data point in the calculation formula to the relevant reporting standard and corresponding column/item number.
  • Outline the filters applied to isolate specific data demographics.

Next steps

The deadline for responding to the consultation is 3 June 2026.

APRA will soon commence consultation on how to give effect to the collection and publication of the indicators and metrics. Data is expected to first be collected in 2027.

APRA is targeting release of final reporting standards in Q3 2026 and first collection in Q4 2027. These dates are subject to ensuring due consideration of any material matters raised through consultation.

APRA intends to publish data annually commencing in 2028.