Income stream providers can give income stream details to us by electronic exchange for the August and February reviews.
Why we need income stream information
We need to collect details about recipient account-based income streams and market-linked income stream products. This ensures recipients are getting their correct payments. Income streams we include 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 recipients a letter in August and February each year asking them to advise the amount of income they get. We also ask them to confirm their 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. Recipients and their financial advisors may contact them to obtain these details.
To streamline this review process, we can get these details directly from income stream providers through an electronic data exchange. This replaces the need for providers to issue paper Income Stream Schedules for the August and February reviews. Your organisation's involvement will help reduce red tape for your members and your employees.
Benefits for your business
Electronic data transfers between us will:
- save you time and money
- limits the need for our recipients to contact you to confirm their income stream details during the reviews
- this means fewer recipient contacts and may reduce the letters or income stream schedules sent during the review
- improve customer service
- the electronic transfer replaces a letter based review system - this 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 are always changing and organisations need 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 can therefore 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.
Automation of Income Stream Reviews
We will automate Income Stream Reviews from 1 January 2018.
Both old and new processes will be in place until 1 January 2019. After this all providers will transfer data to us electronically.