APRA-regulated funds - a new standard for rollovers and contributions

From 1 July 2013, Australian Prudential Regulation Authority (APRA) regulated superannuation funds must use the data and e-commerce standard for processing rollovers. A six-month transition-in period begins on 1 July 2013 and ends on 31 December 2013.

From 1 January 2014, funds can voluntarily work with employers to receive contributions in the new standard. This is an opportunity for funds and employers to work together to transition towards being contributions ready in the new standard by 1 July 2014.

You may need to upgrade your registry systems or engage an administrator or other service provider to help you comply with the new standard.

As a trustee, you must make sure your fund can send and receive electronic messages and electronic payments.

For more information about the transition-in period, refer to the Rollover implementation transition-in guide.