As the transferring fund
Funds must:
- when selecting a date for a successor fund transfer (SFT), consider its impact on the ability of employers and members to meet critical deadlines, such as the quarterly super guarantee due dates and the end of the financial year.
- notify members of SFT
- establish plan with successor fund to determine the dates each fund will be responsible for making amendments and identify any reporting for limited-service periods
- notify administrators, gateway operators, clearing houses and other service providers as they may be able to assist in facilitating the implementation of the transfer
- arrange for data handover to successor fund of all relevant member information and supporting documents required to make amendments
- inform employers of new contributions payment details
- ensure all ATO Statements of Account are reconciled
- finalise reporting of member transactions or contributions up to the SFT date
- provide successor fund all information on lost members
- action any outstanding section 20C notices (unless there is a pending claim)
- process pending disability and death benefits, or instruct the member or beneficiary to remove any certified terminal medical condition benefit
- provide data to successor fund for disability modification calculation
- provide data to the successor fund of the debit values reported for capped defined benefit income streams subject to the SFT
- close old member accounts via Member Account Attribute Service (MAAS) and advise successor fund once completed
- provide rollover statement to successor fund (if required)
- end date USI 28 days prior to effective date – refer to the Fund Validation Service user guide
- develop a strategy for how messages received post SFT date will be handled prior to USI end date to avoid failed messages or refunds.
- report relevant event type upon ceasing pension with date and value
- ensure minimum pension payments are met from start of income year to SFT date
- provide reminder to members on outstanding notices or authorities and the successor fund (if relevant)
- provide successor fund any ATO notice of Division 293 Deferred Debt account and other relevant items such as No TFN tax and Notice of intent to claim or vary a deduction for personal super contributions.
As the successor fund
Funds must:
- establish plan with transferring fund to determine the dates each fund will be responsible for making amendments and identify any reporting for limited-service periods
- arrange for data handover from transferring fund of all relevant member information and supporting documents required to make amendments
- open new member accounts via MAAS shortly after transferring fund has closed old accounts
- update member lost status based on information received from transferring fund
- report the SIS event upon commencing new pension with date and value at the start date
- ensure minimum pension payments are made from SFT date to end of income year
- action any notices or authorities (where appropriate) provided by members or transferring fund.