All Income Stream Providers must register to be ready by 1 January 2019.
Automated Income Stream Reviews is a new 1 step data transfer process. It replaces the current voluntary 2 step data transfer and customer letter review processes.
From 1 January 2019, the new process will be mandatory. You must register by 1 November 2018 to be ready.
This applies to:
- Australian super funds
- retirement savings account providers
- life insurance companies
The new process makes it easier for you to give us information. When we request it, you’ll be able to give us income stream details about all your members electronically. We’ll then identify and update records for mutual customers, concession cardholders, and their partners.
The new automated process doesn’t apply to:
- self-managed super funds
- small APRA super funds
- financial planners - they’re not income stream providers
Not ready to move yet?
The new process has been available since 1 January 2018. If you are not quite ready to move to the new process yet, you can still register now and avoid the rush to be ready for 1 January 2019. Email the Income Streams team to register.
We are still holding regular phone information sessions to help you make the move.
Keep in mind, the last day you can register is 1 November 2018.
Remember, the way we assess income streams is staying the same. The only thing that will change is how we get data from you.