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APRA boss tells super trustees to ‘get better or get out’

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“It will inevitably produce some difficult discussions with trustees who are not delivering for their members,” he said.

Mr Byres said the regulator will, starting later this year with MySuper investment options, publish a much more detailed set of performance-related measures and benchmarks.

He said the data collections in superannuation are “not what they need to be” and the regulator will shortly start consultation on a major overhaul of the super data reporting regime.

It will include the reporting of data on investment returns, fees and charges, and measures of sustainability and viability and will eventually include “choice” investment options, where the “largest data gaps remain”, he said.

“No doubt there will be fierce complaints – particularly from those at the wrong end of the scale – that the data is wrong, the metrics we use are wrong, or that the benchmarks we choose are wrong,” Mr Byres said.

APRA  does report the returns of MySuper options, the options for those who do not choose who manages their retirement savings.  But the performances are reported for each quarter rather than ranked over the five years MySuper has been in existence, which makes the data of limited use to consumers.

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