Issue:
You have received a notification that a Rollover has been rejected with the following message:
Cause:
This rejection message is received when the Rollover In/Rollover Out has been rejected by the other fund. When rejecting a Rollover event, they can choose a reason from a set list only.
Generally this message is chosen by the rejecting fund when the member account has already been closed or has no balance.
Resolution:
Please confirm the following with the member:
- They have a current open member account with the external fund you are attempting to Rollover In to or Rollover Out of
- They have provided you with the correct Member Account Identifier/Member Account Number
- The Member Account Identifier/Member Account Number was correctly entered into the 'Member ID' box in the Rollover event
Once this has been confirmed, we recommend contacting (or having the member contact) the APRA/SMSF to ask why the Rollover was rejected.
Once you know why it was rejected, you can make any necessary changes and reinitiate the Rollover In/Out from the Rollover & Release Authority Console.
If this still does not work, you could consider asking the external fund to initiate the Rollover In/Rollover Out from their end.