If you're planning a Successor Fund Transfer (SFT) or an Intra Fund Transfer (IFT), engage early by completing the SFT and IFT Transfer Form and lodging it with the Super Enquiry Service. This lets us provide you with tailored support through these significant events.
In response to increasing fund transfers, the SFT and IFT protocol has been updated. The protocol provides information and guidance to super providers and suppliers reporting SFTs and IFTs.
A SFT occurs when member accounts are transferred from one registrable super entity (RSE) to another with a different Australian business number (ABN) without their member's consent.
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.
SFTs and IFTs can have adverse impacts on members’ data if not transferred correctly. They also present a significant potential risk to the integrity of member data held by funds.
Incorrect reporting of an SFT/IFT results in downstream impacts for:
- individuals’ superannuation and taxation positions
- the ability to effectively administer superannuation products, caps and taxes.
When planning an SFT or an IFT try to avoid critical dates such as the end of the financial year to minimise impacts to members and employers.
Note the SFT and IFT protocol 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, we recommend you still engage with us by lodging an enquiry using the Super Enquiry Service
- transfers to MySuper products as they do not involve an SFT. These transfers are considered normal fund reporting, as outlined in our fund reporting protocol.
If you need any assistance prior to undertaking an SFT/IFT you should lodge an enquiry using the Super Enquiry Service.
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