What this protocol provides
This protocol gives superannuation providers guidance about successor fund transfer (SFT) and intra-fund transfer (IFT) obligations, including:
- consistent application of the law and practical administration to manage impacts across the operating system
- limited-service periods to ensure there is minimal impact to employers and members
- digital identity management and Access Manager
- our perspective of industry best practice including across complex super processes connected to an SFT and IFT.
We have updated our protocol in response to an increasing number of fund transfers. We have incorporated industry feedback, drawing on their experiences and learnings from recent SFTs.
When acting on our guidance, you should:
- consider the individual circumstances of your members
- decide whether your action is appropriate.
This guidance does not cover situations where an SFT or an IFT has not occurred, and the only change is to your registry system, platform or service provider. If you are undertaking any of these changes, you can engage with us by completing the Successor Fund Transfer (SFT) and Intra Fund Transfer (IFT) form (XLSX, 651KB). Lodge your completed form using the Super Enquiry Service (SES) for APRA funds.
Successor fund transfer
An SFT occurs when member accounts are transferred from one registrable super entity (RSE) to another RSE with a different Australian business number (ABN) without their member's consent.
When the same entity is the trustee for more than one RSE, an SFT can also occur when their member's accounts are transferred from one RSE to another within the same group.
Intra-fund transfer
An IFT happens when there is no change in the RSE ABN but there are resulting changes to the Unique superannuation identifier (USI) or account identifiers.
This may also be known as product consolidation or streamlining activity. See more information about IFTs and income streams.
When considering an SFT or an IFT
When you are considering an SFT or an IFT, it is crucial to understand the significant impact on your members and their contributing employers. To minimise the impact, it is important to engage with us early and to ensure the timing of the SFT avoids critical dates such as the quarterly super guarantee due dates and the end of the financial year.
Engage with us early by completing the Successor Fund Transfer (SFT) and Intra Fund Transfer (IFT) form (XLSX, 651KB). Lodge using our Super Enquiry Service.
A member’s account can also be transferred to the ATO in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999. However, this type of transfer is not covered as part of this protocol.
Regulation 6.29 of the Superannuation Industry (Supervision) Regulations 1994 (SISR) states that a member's benefits must not be transferred from a fund unless a member's consent has been given.
Exceptions apply to successor fund transfers, intra-fund transfers and transfers to MySuper products when member consent is not required but specific criteria are met.
Transfers to MySuper products are outside the scope of this protocol and do not involve an SFT. These transfers should be considered in the context of normal fund reporting, as outlined in the various other protocols found in our fund reporting protocol.
When the trustee of the transferring fund transfers cash and other assets to a successor fund, the transferring fund makes a payment that is a super benefit, of each member's benefit to the successor fund. The payment of each member's benefit is a rollover super benefit.
To review the actions required from transferring and successor funds, use our SFT checklist for APRA funds.
Australian Prudential and Regulation Authority (APRA) provides superannuation prudential guidance that funds must follow. See details in SPG 227 Successor Fund Transfers and Wind-upsExternal Link.
Legislative guidance for funds is contained in Regulation 6.29 of the Superannuation Industry (Supervision) Regulations 1994.
For any unique reporting issues that arise as part of the SFT and or IFT, you can lodge an enquiry through our Super Enquiry Service with any questions or requests for advice.