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  • Rollovers

    When you pay a rollover super benefit to another large APRA-regulated super fund or retirement savings account (RSA), you must provide a statement to the receiving fund within three days using the SuperStream data and payments standard.

    Find out about:

    See also:

    Version 2.0 of the rollover standard

    Government rollovers

    SuperStream was updated in November 2016 to introduce government transfers of unclaimed monies.

    To facilitate this, large funds implemented the rollover message implementation guideExternal Link.

    The schedule for implementation follows:

    • updates to existing business to business (B2B) rollover interactions by 11 November 2016
    • new interactions to support receipt of government rollovers (unclaimed superannuation monies) by 16 December 2016
    • new interactions by November 2017 to support  
      • receiving notification of temporary residents (section 20C notice) from us
      • sending rollovers (unclaimed superannuation monies) to us.

    Funds must now follow the principles in the process to ensure they can manage transactions successfully with other trustees.

    We also updated the rollover user guide to assist funds moving forward.

    Next steps:

    See also:

    Associated enabling services

    As part of the implementation of the rollover change, all funds are required to report open and closed accounts through the SuperTICK3.

    The Legislative InstrumentExternal Link (LI) governing the reporting of opened and closed member accounts was registered on the Federal Register of Legislation on 22 February 2017. The LI required superannuation providers to report all new and closed member accounts from 31 March 2017 using SuperTICK3.

    There are three exceptions to this requirement:

    • accounts that are closed to contributions
    • accounts that are closed to rollovers
    • accounts that cannot be rolled over.

    Any account meeting one or more of these criteria is excluded from the reporting requirement.

    See also:

    Key documents that support new implementations of rollover V2.0:

    Exceptions

    The standard doesn't apply to:

    • rollovers to SMSFs
    • closed products – a product that doesn't receive any contributions or rollovers, but for which a member’s withdrawal benefit may be rolled over to another superannuation entity
    • preservation components or asset drawdown for partial rollovers – these are dealt with under the default rules of the fund or instructions from the member
    • rollover amendments and cancellation – these are managed through other processes between the relevant parties
    • in-specie rollovers – these can be managed through a process agreed between the parties
    • internal fund rollovers – these can be handled by appropriate accounting and registry entries.

    Validating rollovers using SuperTICK3

    If your fund holds the member's tax file number (TFN), you must use the SuperTICK3 service to validate member details before making a rollover to another super fund.

    However, you don't need to re-validate if either:

    • you've previously received a matched result for that member from SuperTICK3
    • we sent the rollover request.

    See also:

    Last modified: 02 Nov 2017QC 47562