Louie Markovski advised fund representatives of progress with the LMR address update program:
- 10 administrators covering 51 funds were supplied with approx 122,000 member address records (maximum of 10,000 members with an account balance greater than $200 per fund) worth approx $720M in January 2011;
- an ATO teleconference on Tuesday 15 March 2011 with the majority of those administrators confirmed
- funds were comfortable with the data interchange process.
- some concern raised with the number of cases where the ATO address is the same address held by the fund for the member recorded as 'lost'.
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The ATO advised there were approx 900 cases (0.73%) where the same address was provided however recent analysis of these cases has indicated that the address reported by the fund and that held by the ATO were not identical. Some of those variations in included 380 Liver… compared with 38 Oliver …
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- were yet to update the records provided due to
- insufficient time; and
- resolution of the outstanding issue regarding what further action funds must take in regard to updating the member's records from ATO address data.
Beth Barry advised fund representatives:
- funds can update automatically a lost member address (without further action) where the fund had previously determined and reported the member as 'lost' (including where no address was held when the member first joined the fund); whereas,
- members' transferred to the fund as lost' will require further verification action by the fund to validate the address before the record can be updated.
The ATO has gone to great lengths to find legislative support to allow funds to simply rely on the address data provided, to be able to update all 'lost' members records without any further action (other than to report the member as 'found' in the next lost member statement) but we have not been able to find sufficient legislative support to apply that interpretation to all records for those members transferred into fund as lost.
- The ATO acknowledges this outcome diminishes the overall value of the process and is particularly problematic for eligible rollover funds and successor funds. The ATO will continue to explore ways to improve the process but these may be dependent upon
- the ATO would need to issue the updated address details very quickly after receipt; and
- funds would need to action the update of the members address within a very short timeframe after receipt of the data.
As further work is required to achieve the outcome above, funds where asked if they wanted the ATO to continue the work, given that the outcome requires funds to commit to updating the member's record in a very short timeframe?
A number of fund representatives acknowledged the need to commit to action these cases promptly. Consensus was that the funds wanted the ATO to continue with the additional work to enable all records to be updated without further work, which would be particularly beneficial for ERF's and successor funds.
The ATO asked how we can measure the success of the provision of updated address program.
Funds agreed that this was difficult to measure; it was suggested that the success might be best measured over several cycles; updated 'lost' member records that are subsequently reported as 'lost' again may represent a negative unit measure.
Beth Barry advised we are also examining if the ATO can include the address data obtained through positive member contact (in our LMR outbound telephony campaigns) in the data list provided to funds to update lost member records held.
Action item
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30032011/11
ATO to update funds on progress with our review of the inclusion of new address details obtained from positive member contact through our LMR Outbound Telephony campaigns.
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Responsibility
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Louie Markovski
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Colonial First State expressed interest in participating in the May 2011 process.
Action item
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30032011/12
ATO to provide Colonial First State with a copy of the dummy data file.
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Responsibility
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Louie Markovski
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Completed - SFWGSecretariat email issued Monday 18 April 2011.
Sections within Agenda items
Last Modified: Monday, 27 June 2011