Has anyone had any trouble getting bank account details from Industry Fund. With changes from 1 October I am doing a rollover release authority transferring money out of SMSF to Australian Super and in order to submit the form to them electronically I need to put their banking details on the form and they will not give them to me and have told me I have to request the rollover be done via the ATO and not through BGL. Just wondering if anyone had this issue?
I’ve had the same problem. To save myself a headache, I’ve filled out the Australian Super form, and I am going to get the client to sign it and send into Australian Super - and then deal with the request as the fund receiving the rollout request.
Yes I am thinking I will do the same but I worry this will take a few weeks. I am also having the same issues with CBUS. Nobody seems to know what I am talking about. Very frustrating.
I finally got through to someone at Aust Super who seemed to know about the changes and they said some ESA are not active so that could be what the problem is and the ATO are working on them. I assured her BGLSF360 was active…I will need to now wait and see what happens…
OK ta. So what does this mean if the transferring fund wants to initiate the rollover - will the bank details flow through the ATO when the fund is validated through SBR?
I imagine with the paper one you have lodged with Aust Super they will send through the banking details electronically when they process the rollover release at their end. I got the banking details of Aust Super through BGL Support Call.
Hi Lesley and Johnshadlow,
Thanks for your posts.
We also had some other clients with similar issues getting the bank details of APRA funds to finalise a rollout request from SMSF. We understand this is frustrating, and we are in the process of getting the APRA bank details integrated into the system, so would allow users to select an APRA fund with the bank details populated automatically.
Apologies for the inconvenience at the moment and we are looking to implement the new feature at a future stage.
Thanks Eric, we are also having issues with the APRA funds not validating our roll over requests so even though we will have the bank details the APRA funds are not doing anything at their end once we transmit the rollover request to them. Furthermore none of the APRA funds I have spoken with seem to know what is going on. They just keep saying we have to fill out paper request forms and mail it to them so they can initiate the rollover from their end.
Thanks for your update.
APRA funds really should comply with the Superstream Standard without asking for paper forms, but there is so much we can do.
If there are any particular queries, please log a support ticket so our consultant can help further.
This is so sad that the ATO, as usual thumps the SMSF industry to jump to their new instructions, but as usual, the big end of town will attend in their own good time. Very tired.
Hi Lesley, I think you will need to get the member to call and request the bank details.
did you manage to get the bank details.
i had the same issue and called. was told that i needed to complete their form and the bank details would be sent through the system to me. well now the request has hit me and still no bank details.
Hi Lisa, I got the bank details from BGL.
I also had to complete manual forms and upload them off to Aust Super. I did get an electronic confirmation back from them but with no instruction for payment and no bank details so I have no idea what happens next.
where did you find the bank details?
I got the Bank Details for Aust. Super From BGL, however for Mercer, their details aren’t on BGL’s file.
I tried calling Mercer and the “helpful” lady on the line said “You shouldn’t need the bank account details. We use BPAY”
They are so unhelpful. My rollover requests are still being ignored by the APRA funds. Seems like they want to do it their way or no way. Very frustrating.
I am having the same problem with QSuper - cannot get hold of their bank details - have logged a support call with BGL.
So, Australian Super had rejected our original rollover as the amount paid was $0.01 different to the electronic rollover statement sent via super stream. They requested a paper copy of the rollover benefits statement with the $0.01 variance corrected. The Rollover in the superstream system is still showing as “Rollout transaction awaiting validation” - so Australian Super haven’t rejected it using the system, they sent an email to our client saying they couldn’t accept it. Not sure if this is Australian Super not doing the right thing, or if something’s held it up in the ATO system.
Australian Super have accepted the corrected paper copy sent to them, and the rollover went through to the client’s account. go figure.
So I now have a rollover sitting in my SuperStream Dashboard that needs to be actioned, but I can’t do anything about it.
I too have 3 rollovers for Australian Super awaiting validation and they are not processing them as they want to do everything from their end. I am just leaving them there. This whole rollover system initiating from the SMSF end is just not happening. I am not even bothering to initiate rollovers anymore as the APRA funds are ignoring them. The whole process takes so much longer than before. So much easier just sending off a cheque and a Rollover Benefit Statement!
My one was initiated from their End, I responded to it through BGL and now it’s just sitting there.