Rollovers and defined benefit funds
Using the online portal, your members can still select defined benefit funds as the super accounts they want to transfer their money out of and into. We have been working with industry to create labels on the expanded member contributions statement that clearly state the account is a defined benefit.
We will use this information to prevent a defined benefit account being selected as the 'from' account when an individual is completing an electronic portability form. This means that from January 2014, you stop receiving these requests from your members through the electronic portability form process.
In the interim, any form received by a defined benefit fund for a defined benefit account will not be an approved form under the recent changes to the legislation. This means that you can still discuss with your member, prior to actioning the form, to ensure that it is in their best interests to proceed.
For further information on the electronic portability form changes, see [link to next section]
Are new member accounts shown online?
If your member opened a new account recently, it isn't displayed online. We will generally not know about accounts your member has opened if we have not received a member contributions statement (MCS) that reports it. Your member can still transfer their super into their new account - they just need to enter the ABN of the new account using Super Fund Look up or the information provided by you.
To transfer super money into a new account for which we hold no information, your member can use the 'Transfer super' process in SuperSeeker, but they need to print the form and send it to you. We will not provide these forms electronically as we have been unable to verify that the individual holds the new account.
However, you can use the new Super TIC service available from July 2013 to advise us of new member accounts. We then update the information shown on SuperSeeker so that members can initiate electronic portability form requests to you.
Are you going to receive more ATO-held money?
Your members can see the money we hold for them and can transfer this money into their account with you online. There is nothing you need to do - we will pay this money to you. You should receive this money the next month after your member has chosen to do this, as part of our monthly aggregation runs.
Which accounts will members choose to roll their super into?
We can't assume that most people will choose the most-active account.
Your members' accounts are shown by the fund name in ascending alphabetical order. Searching for a fund by SPIN will not be necessary because all your members' super accounts should be displayed on the same screen - we are not making any one fund more prominent on screen than another. The information is there for your members to decide what to do.
Last Modified: Friday, 5 April 2013