Operating & Governance
Model Considerations
Overview
Payday Super presents a material uplift to the flow of contributions through the system, requiring trustees to assess impacts across their full operating and governance model. Faster and more frequent contribution payments may increase member engagement and visibility of super balances, (as members check contributions every payday) while changes to contribution processing will require reviews of outsourced service provider agreements and oversight arrangements.
To support a smooth transition, funds are encouraged to take a whole-of-business approach to assessing and implementing Payday Super reforms and SuperStream upgrades as a package.
The following operational and governance consideration framework provides an initial guide from which to commence an assessment of these impacts.
1. Operational Readiness
- Review system capacity and scalability for more frequent transactions and higher transaction volumes.
- Review internal processes to ensure support of near real-time processing, error resolution and reconciliations.
- Model resource requirements to support operating model changes, including member and employer engagement models.
- Develop Payday Super transition Change Management programs, including staff training to manage and respond to member and employer queries.
2. Technology and Systems
- Implement and test SuperStream Contribution Standard V3.0 upgrades.
- Enable integration with the New Payments Platform (NPP).
- Adopt the new SuperStream Member Verification Request (MVR) message.
- Review processes to support the new contribution standards, including exception testing and rejection processes.
3. Employers and Clearing House changes
- Prepare for SBSCH retirement (no new registrations since 1 October 2025; full closure by 1 July 2026).
- Identify employers using the SBSCH and prepare a support plan for those employers transitioning to an alternative channel
- Prepare employer servicing teams and call centre staff for the possibility of increased enquiries and support required to help employers.
4. Member Communication and Engagement
- Provide education and clear messaging to members to increase awareness of Payday super, including possible increases to contribution frequency and how members can check their super contribution.
- Review and consider whether online portals and apps need to be modified to support members with Payday Super contribution tracking.
- Prepare call centre staff and other channels for related inquiries.
5. Stakeholder Engagement
- Undertake stakeholder analysis to identify key issues for each stakeholder group.
- Develop and implement a co-ordinated change management plan to engage with, and educate, the relevant stakeholders and address any issues.
6. Governance & Compliance
- Review compliance frameworks for contribution receipt, rejection, acceptance and processing requirements.
- Consider requirements and impacts across all Trustee governance frameworks and requirements including but not limited to CPS230, FAR and risk management.
Payday Super Access Panel
Payday Super for Super Funds
Overview
Payday Super for Super Funds
Overview
An overview of the Payday Super legislation and its implications for superannuation funds, including key changes, timelines, and compliance requirements.
SuperStream Contribution Standard V3.0
SuperStream Contribution Standard V3.0
Details on the upcoming SuperStream Contribution Standard v3.0 updates, designed to support Payday Super through faster, more accurate processing and improved data alignment.
Implications for Trustees
Members Only
Implications for Trustees
Members Only
A summary of the operational, governance, and member and employer engagement implications of Payday Super and SuperStream, with considerations for Trustees on preparing for the transition.
Implications for Stakeholder Relationships
Members Only
Implications for Stakeholder Relationships
Members Only
A look at how Payday Super affects key stakeholders across the super ecosystem and considerations for coordinated engagement. Member only content.
Operating & Governance Model Considerations
Members Only
Operating & Governance Model Considerations
Members Only
A framework to help funds and trustees assess operating and governance model impacts of Payday Super reforms and SuperStream updates. Member only content.
Frequently Asked Questions
Members Only
Frequently Asked Questions
Members Only
Frequently asked questions about Payday Super reforms and SuperStream updates, updated regularly to support fund and stakeholder readiness.
Key Terminology
Reference Guide
Key Terminology
Reference Guide
Definitions of key terms and abbreviations used in Payday Super and SuperStream to support fund and stakeholder understanding.
Timeline
Important Dates
Timeline
Important Dates
A chronological overview of key milestones leading up to the implementation of Payday Super reforms and SuperStream updates.