Superannuation industry reforms

In December 2010, the Commonwealth Government announced the ‘Stronger Super Reforms’, also known as the ‘Superstream’ reforms. Along with measures to digitalise transactions, it included recommendations to enhance the ‘back office’ of the Australian Prudential Regulatory Authority (APRA) regulated superannuation funds.

The ATO was tasked with developing a set of common rules – the Superannuation Data and Payment Standards 2012 – for sending superannuation registration, contribution and rollover data messages electronically (Data and Payment Standards).

These payments and data are sent over the Superannuation Transaction Network (STN).  The STN consists of a number of ‘Gateways’ – network entry and/or exit points, operated by the Gateway Operators for the purpose of receiving, routing, switching and packaging the mandated data required in Superannuation Transaction Messages.

Superannuation funds and employers participate in the SuperStream environment in a way that is regulated by the SuperStream laws, as well as the broader superannuation laws. At the time, Government developed the policy view that regulation of intermediaries in the superannuation system, whether an administrator, clearing house or gateway was not desirable.

The GNGB is established

In recognition of this, the then Assistant Treasurer, Sen. Arthur Sinodinos, asked the ATO in early 2014 to provide interim stewardship of the gateway network from a governance perspective. The ATO worked with industry stakeholders to put together a self-regulated, industry-funded governance body to provide this governance on a permanent basis. He asked that this body be in place by 1 July 2016. That body is the GNGB.

Since that time, the GNGB has steered the STN along a route of continuous improvement, ensuring the STN adapts to the changing regulatory and economic environment.

The evolution of the GNGB

GNGB members and co-sponsors are aligned in ensuring Australian Superannuation members benefit from a secure and efficient administration of their retirement incomes.

Cybercrime is an issue all Australian businesses and the governments face together, it requires a unified approach. The GNGB Security Committee was established in 2018, this committee has a key focus in driving information security initiatives enabling GNGB to take a leadership role in raising awareness of the need for industry to work together on this issue.