Initiating Rollovers

Has anyone been able to initiate a rollover (ie direct from BGL) to an industry fund?
This is supposed to be possible as far as I know?

I have a client where I’ve done the first of three (to pension accounts) and it’s taken HostPlus two weeks to get through the process after the member applied directly there.

I hoped it would be faster if we initiate it …

I’ve been able to initiate one to Anglican Super (I know, not an “industry” fund. After the client provided to correct USI, the data pre-filled and the rollover worked. The process took about three days to process on their end.

My side of it took 5 minutes.

1 Like

I made a request with cbus 12 days ago and still waiting. I have had a few that have gone through when i initiated it but others i have got clients to go and request direct from the other fund.
I have had the auditor tell me that I have to notifiy and explain if any requests are not done within the 3 days from my end, but no mention of if they dont respond to my requests.

1 Like

Hi Lisa

My client rang CBUS yesterday as I am trying to do the same thing and they sent him an email saying they need a Rollover Benefit Statement and a cheque made payable to CBUS. They are doing it the old way and won’t do it any other way so I have no choice.

2 Likes

:roll_eyes:

I’d be calling the ATO on that one, it’s a requirement (unless this falls into one of the exemptions?)

mmm i am trying to get them to close the account and roll it into the SMSF.
thanks ill see if i can locate the form and complete it and send it to him to organise the rollover.
what a pain. we have to explain why we have taken to long to do something but they can sit and do nothing.

1 Like

I have ultimately done a rollover out of SF360 to an existing industry fund account and it’s very simple to initiate the ‘request’ from BGL when you have the member account number, much easier than responding to a request from the fund, as there is less to-ing and fro-ing.