When you pay a rollover super benefit to another APRA-regulated super fund or retirement savings account (RSA), you must provide a statement to the receiving fund within 3 days using the SuperStream data and payments standard.
Find out about:
Implementing v2.0 of the rollover standard
Updates to introduce Government rollovers
The Superannuation Data and Payment Standards 2012 (the standard) is being updated to introduce government transfers of unclaimed monies.
To facilitate this, APRA regulated super funds (funds) must implement V2.0 of the Rollover message implementation guideExternal Link.
The schedule for implementation is as follows:
- updates to existing rollover interactions by 11 November 2016
- new interactions to support receiving government rollovers (unclaimed superannuation monies) by 16 December 2016
- new interactions to support receiving notification of temporary residents (section 20C notice) from the ATO and sending government rollovers (unclaimed superannuation monies) to the ATO by November 2017.
We have outlined a cutover processThis link will download a file to support the change in the standard. Funds must follow the principles in the process to ensure they can manage transactions successfully with other trustees.
We have also updated the Rollover user guide to assist funds to implement the changes.
Associated enabling services changes
As part of the implementation of the rollover change, we will require all funds to report open and closed accounts through the SuperTICK service by January 2017.
We will be decommissioning SuperTICK v1.0 and v2.0 by January 2017, requiring funds to start implementing SuperTICK v3.0This link will download a file, which will bring considerable benefits to industry.
The Fund Validation Service (FVS) will be updated in July 2016 to incorporate new certification values supporting the implementation of the rollover and contribution changes.
What you need to do:
- funds should now be taking steps to ensure they will be ready for the change.
This includes assessing your solution providers' readiness for the change
- prepare an implementation pathway for rollover v2.0
- advise us of key implementation dates
- advise us of any significant deviation from planned dates during the lead up to implementation
- complete the readiness checklist for production cutover by 15 September 2016 (for B2B changes) and 15 October (for G2B changes).
In addition to the rollover changes you must also ensure you are ready for Fund Validation Service (FVS) changes in July 2016 and SuperTICK v3 requirements in January 2017.
Key documents to support implementation:
The standard does not apply to:
- rollovers to SMSFs
- closed products – that is, a product that does not 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 SuperTICK
If your fund holds the member's TFN, you must use the SuperTICK service to validate member details prior to making a rollover to another super fund. (However, you don't need to re-validate if you've previously received a matched result for that member from SuperTICK.)
Expect data to arrive before payment
Funds receiving rollovers processed under the SuperStream standard find that the data arrives first, while the money may not arrive for another day or more depending on the bank clearing process.
This is different to the previous process where the money often arrived first or the data and the money came stapled together.
The receiving fund can reconcile these two events using the unique payment reference number in the rollover message, which links to the incoming payment.
When you receive a rollover message, expect the payment to arrive in the next 24 hours or so.
Bank settlement times will improve between now and 2016. The Reserve Bank of Australia is sponsoring reforms to move the banking sector towards near real-time settlement. SuperStream data and payments should then complete on the same day and may complete close to the same time.
Rollovers between APRA-regulated funds must be processed electronically using the SuperStream standard. The sender fund, if it has the member's TFN, must validate the member's information using SuperTICK.