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Pension Income Stream Reviews for Business

Allocated (account-based pension) and market-linked (term-allocated pension) income streams are reviewed by us in August and February each year. This review results in letters sent to customers who have these products requesting the current details of their income stream.

Saving you time and money

Electronic data transfers between us and your organisation will save you time and money, improve customer service, and help you manage your business in a changing environment.

For more information, call us on 02 9450 7445.

To provide a better service to customers, we have arranged to get these details directly from income-stream providers through twice-yearly electronic data exchanges. This data exchange replaces the need for our August and February review schedules. Your company's involvement will help reduce red tape for your customers and employees.

Information you need to know

The need for income-stream information

We need to know how much income customers receiving payments such as Age Pension, Carer Payment, and Disability Support Pension draw from their account-based income stream products, and the balance in these products.

Every February and August, we send these customers a letter asking them to advise the level of income received, account balance, and commutations made from each of their income-stream products. For customers, this can be a difficult task, as they have to verify their balance, annual income, and commutation details. For fund administrators, these reviews mean an increase in customer enquiries and a need to send more letters to customers or their financial advisers.

In consultation with the industry, we have developed an electronic process that reduces this burden for both our customers.

Benefits for your business

Electronic data transfers between us and your organisation will save you time and money, improve customer service, and help you manage your business in a changing environment.

How electronic data transfer works

After extensive consultation with superannuation ICT providers, we opted to transfer customer data using 128-bit encryption over a secure government website. ICT providers opted for the use of comma-delimited files (.csv) for the electronic transfer. This format is the most widely compatible format for the majority of ICT systems and presents a solution that can be easily implemented.

If your IT systems are able to fill a simple spreadsheet of your client data, then it is likely that your fund is ready to benefit from the initiative.