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Reduction of red tape for income stream reviewsOur current paper-based data exchange process with income stream providers is being replaced with twice-yearly electronic data exchanges. Your company's involvement will help reduce red tape for your customers and staff. On this page
How can the transfer of income stream data benefit my business?Save time and moneyElectronic data transfers between us and your organisation limits the need for our customers to contact you to confirm their fund details. This can save you time and money through fewer customer contacts and a reduction in letters to clients. Improve customer serviceThe new process replaces a letter-based review system and gives you more time to focus on the things that are most important – keeping your customers happy. Manage your business in a changing environmentAustralia’s demographics have changed and organisations now have to change the way they do business. With new government legislation, companies will find that more of their customers will be eligible for a Government pension. This, together with the 'baby boomer' generation reaching the qualifying age for Age Pension, will mean income stream providers will find themselves dealing with us on a much greater scale than ever before. Why do we need income stream information?We need to know how much income customers receiving payments such as Age Pension, Carer Payment and Disability Support Pension draw from account based income stream products, and how much is kept in their investments. Every February and August, we send these customers a letter asking them to advise the level of income received and assets held in each of their income stream products. For customers this can be a difficult task, as they have to verify their current balance, annual income and commutation details. For fund administrators, these reviews mean an increase in customer enquiries and a need to send more letters to customers or their financial advisors. In consultation with the industry, we have now developed an electronic process that reduces this burden for our mutual customers. How does the electronic data transfer work?After extensive consultation with superannuation IT providers, we opted to transfer customer data using a 128 bit encryption over a secure government website. IT providers opted for the use of comma-delimited files (.csv) for the electronic transfer. This format is the most widely compatible format for the majority of IT systems and presents a solution that can be easily implemented. If your IT systems are able to fill a simple spreadsheet of your client data, then it is likely that your fund is ready to benefit from the initiative. [ return to top ] How does my business become a part of the initiative?Step 1Ensure your IT teams can deliver the data in the format and at the intervals prescribed in the electronic file standards document:
Step 2Read, complete and ensure your senior management signs the Service Partnership Agreement with us.
Step 3Send the signed and completed Service Partnership Agreement to: Means Test Business Team
How do I find out more?For more information, or to find out how your fund could benefit, please contact us:
The How Centrelink can help you reduce red tape factsheet also has more information. What have businesses already using income stream data exchanges said about the initiative?'It's something really quite simple; it wasn't that hard to implement. Very easy from our perspective... it's a win for everyone.' 'The most important thing from a Q Super perspective (is that) our brand attributes are focused on low fees and real service. So we really saw this as an opportunity to reduce our fees.' 'In the industry at the moment it's very competitive, costs are being driven down. It's very important to do things accurately and quicker; and we're trying to reduce the number of calls and emails we receive from customers. We want customers to be satisfied. If our customers are satisfied they're more likely to come back and that's really what we want.' Did you find what you were looking for? You can also try the A-Z list, quick links, search, site help or send us feedback on how to make this a better website. |
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