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  • CRT Alert 030/2019

    Recent trustee communication issued on protecting your super inactive low-balance accounts

    Recently, we wrote out to trustees to provide an update on the protecting your super inactive low-balance accounts measure.

    Consultation

    We have been working with the Super Measures Group to provide guidance, resolve issues and gain an understanding of industry readiness. We have been working closely with stakeholders and have provided answers to the issues raised to assist the industry to be ready for the 30 June 2019 commencement date.

    Publication of key information

    To ensure industry is ready to implement these changes we have developed the following advice and implementation documents in conjunction with the Super Measures Group:

    • Q&A document: We have maintained an issues log with the Super Measures Group to record the questions and issues raised and our response or resolution. Those issues and other questions raised and answered since, form the Q&A document.
    • Draft member authorisation form and instructions: Members are able to provide a written notice to the Commissioner declaring they are not a member of an inactive low-balance account. Members may authorise funds to provide the written notice to us on their behalf. To assist funds where members want to authorise them to provide the written notice we have produced a member authorisation form. We have also answered key questions on the declaration process.
    • Interim reporting solution: Until changes can be introduced in a new version of the SuperStream rollover message, the interim reporting solution will be for funds to use the existing code P ‘Insoluble lost member account ’ in the current USM message/statement to report ‘inactive low balance accounts’.  

    Next Steps:

      Last modified: 13 May 2019QC 58860