Question

What happens after I initiate Rollover Out? 

Prerequisite 

• The fund must have the liquidity to make the rollover payment.
• The member is fully aware of the process, has clearly nominated the correct details for receiving fund.
• The fund must meet all the SuperStream Readiness checklist. 
• The rollover must be paid via Electronic Fund Transfer, therefore the financial institution can accommodate the transfer limit for the rollover out amount.
• The trustee/member is in a position to work with the administrator/adviser to make the payment within 3 business days. 

Resolution

Once you initiate a rollover out:

1. Provide the SMSF member with the Payment reference number and have them transfer the money to the receiving fund through Electronic Fund Transfer via their banking institution.
2. Once member confirmed that monies has been transferred please click on Confirm payment in Class. The status will change to Payment not confirmed, meaning not yet confirmed by the receiving fund.
   Note: Class cannot transfer money for the SuperStream. Class only sends/receives SuperStream messages.
3. Once clicked on Confirm Payment, the Auto Rollover out event will be generated in the Fund via SuperStream that has a Rollover Benefit Statement for your to download for record-keeping purpose.
4. Once the receiving fund confirms the money is in their account, they will send us a notification message which will change the status to Completed.