Super rollovers to get easier, announces IFF
The Industry Funds Forum (IFF) has announced today the launch of an electronic commerce hub to facilitate the transfer of rollovers between superannuation funds. The hub, which will begin operating around 19 June, is consistent with architecture proposed in SuperStream, the electronic commerce proposals announced by the Cooper Review.
Initially there will be five funds participating, and a second group will join in the September quarter. The first funds to progressively begin to transact will be REST, Sunsuper, Statewide, Health Super and a leading government fund. Further expansion will occur as more funds develop the required links.
IFF spokesman Francis Cox said the goal of the project was to find a solution to the dilemma of individual members unnecessarily carrying multiple super funds with multiple sets of fees, and to eliminate the frustration of super rollovers.
“Through this collaboration we’ll be able to speed up processing and payment times, ensure data is handled with greater accuracy and make it easier for investors to find any lost super,” he said.
While the initial launch will mainly include industry funds, discussions have commenced with retail and public sector funds.
Cox confirmed that Cuscal would provide access to the payments system. The IFF has also been working on the project in collaboration with Medicare, which was appointed by the Government last year to operate as a clearing house for contributions into super from small employers to ensure uniform data standards.
Cox added that the IFF’s major administrators — Super Partners, Australian Administration Services and Pillar Administration — were participating in governance for the scheme.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
