Information for income stream providers
Income stream providers can give income stream information to us electronically for the August and February reviews.
Why we need income stream information
To ensure customers are receiving their correct entitlements, we need to collect information about their account-based income streams and market-linked income stream products. Income streams included in the August and February reviews are:
- account-based pensions also known as allocated pensions
- market-linked pensions also known as term allocated pensions
We send customers a letter in August and February each year asking them to advise the amount of income received, the account balance and any commutations made from their income stream products.
For income stream providers and administrators, these reviews may mean an increase in enquiries as customers or their financial advisors contact to obtain this information.
To streamline this review process, we can receive these details directly from income stream providers through an electronic data exchange. This data exchange replaces the need for paper Income Stream Schedules to be issued to customers for the August and February reviews. Your organisation's involvement will help reduce red tape for your customers and employees.
Benefits for your business
Electronic data transfers between us will:
- save you time and money
- limits the need for our customers to contact you to confirm their income stream details during the August and February account-based income stream reviews
- this means fewer customer contacts and a reduction in letters or income stream schedules issued to clients during this time
- improve customer service
- the electronic transfer replaces a letter based review system and gives you more time to focus on the things that are most important to your business
- help you manage your business in a changing environment
- Australia's demographics have changed and organisations now have to change the way they do business
- with the baby boomer generation reaching the qualifying age for Age Pension, income stream providers will find themselves dealing with us on a much greater scale than ever before
How electronic data transfer works
We transfer data using 128 bit encryption over a secure government website using comma separated value files (.csv). This format is the most widely compatible format for the majority of IT systems and therefore can be easily implemented.
If your IT systems are able to fill a simple spreadsheet of your client data, then it is likely that you are ready to start.
To find out more about how the data exchange process works and the file standards, email us at NBG.Online.Support@humanservices.gov.au.