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  • Avoiding common issues in SuperStream Release authority processing

    SuperStream Rollovers version 3 (including Self-managed super funds (SMSFs) and certain release authorities) is now in production. Due to the size of the change and to support industry we thought it timely to share some key points to remember.

    Once you receive a release authority (RA) via the SuperStream message you MUST:

    • respond with either a:
      • release authority statement (RAS) where you can release some or all of the amount requested
      • release authority error response (RAER) where you are unable to release any money.
       
    • send the RAS or RAER message electronically via Super Stream to us within 10 business days from the date of the RA. You may incur a non-compliance penalty up to a maximum of 20 penalty units if you do not return the message to us within 10 days
    • when releasing money, make the payment to the SuperStream bank account and ensure the payment reference number (PRN) of the payment matches the PRN within the SuperStream message. This will avoid downstream impacts for your members due to missing payments.

    Additionally, to meet the SuperStream standards it is mandatory that:

    • you only send one response for each RA (either RAS or RAER)
    • each RAS message must be accompanied by one payment. Do not send a bulk payment for multiple RAS messages
    • each payment can only be linked to one RAS message
    • you do not send an excel spreadsheet as an alternative message channel. These will NOT be actioned or accepted.

    See also

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      Last modified: 08 Dec 2021QC 67441