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  • SuperStream Death benefit rollovers

    From 1 October 2021, SuperStream Rollovers version 3 is introducing changes to Death Benefit rollovers. These are different depending on whether the rollover is for a dependent adult or child beneficiary.

    A dependent child beneficiary is a child of the member who is either:

    • under 18 years old
    • between 18 and 25 years old and was financially dependent on the deceased
    • living with a permanent disability.

    When you are undertaking a death benefit rollover, you must:

    • process the rollover electronically using the SuperStream Rollover message
    • where the dependent beneficiary is a child, as soon as practicable, complete the Death benefit rollover statement (DBRS) and send this to the receiving fund, and
    • for dependent adult and child beneficiaries, give a DBRS or a statement with the same information as the DBRS to the dependant beneficiary, within 30 days of the rollover payment.

    For example, a dependent child recipient wants to roll their death benefit income stream to Fund B:

    • Fund B sends an Initiate Rollover Request (IRR) via SuperStream to the transferring fund.
    • Fund A responds with a Rollover Transaction Request (RTR) message via SuperStream, with the appropriate death benefit tax code and the 'recipient age category' set to 'C'.
    • Fund B will know (due to the recipient age category value of C) they will also get a DBRS outside of SuperStream.

    If the rollover is a death benefit and the recipient is a dependent child, this is a 'child death benefit rollover' and therefore the receiving fund will need to check the recipient's date of birth in relation to the associated cashing obligations.

    See also:

      Last modified: 11 Aug 2021QC 66594