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  • Avoiding common issues in SuperStream Rollover 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 is the right time to share some key points to remember:

    • your member can still request a rollover via a paper form, using either the Request for rollover of whole balance of super benefits between funds (NAT 75359) or a form developed by the transferring fund
    • the transferring fund must make the rollover electronically via SuperStream and, where the request to rollover benefits is to an SMSF, you must use the SMSF Verification Service (SVS)
    • the SVS is a web service that provides authorised entities (such as APRA Funds, their administrators and SMSFs) the ability to verify SMSF details prior to making a rollover to an SMSF. The SVS in not an online service managed by the ATO.

    There are three common reasons a transferring fund may receive a ‘not verified’ response when calling the SVS:

    • no SMSF superannuation bank account details recorded with us
    • no SuperStream rollover enabled electronic service address (ESA) recorded with us for the SMSF
    • a mismatch between the SMSF or member information and data held by us.

    These issues are easily resolved by the member notifying us of changes to their SMSF. Members can also speak with a customer service representative regarding their SMSF by calling 13 10 20 and using Fast Key Code 4 then 1.

    Request for SMSF manual verification will only be accepted where you do not hold the member’s TFN or where the SVS is unavailable for an extended period of time.

    It is the transferring fund’s obligation to define the payment reference number (PRN) in the rollover transaction request (RTR) message and ensure the PRN in the message and the payment are identical. If the PRN’s are not identical the receiving fund will not be able to reconcile the message and payment.

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      Last modified: 08 Dec 2021QC 67442