The Affiliation of Superannuation Practitioners (ASP) has announced the successful launch of its electronic rollover pilot program, reducing the amount of time members’ money is out of the market.
Member organisations of ASP can use the technology to bypass the traditional paper-based processing methods in the superannuation industry. As such, the program is consistent with the stated aims of the Stronger Super ‘SuperStream’ changes, which are aimed at improving the back office of the industry.
Since September 2011 more than 946 rollovers totalling more than $19 million have been conducted, cutting down the time member’s money is out of the market from upwards of five days to less than 48 hours.
A reduction in payments by cheque and the volume of paper in the system has also cut down processing times, according to the ASP.
ASP spokesperson Nigel McCammon said the electronic rollover pilot program provided a ‘door to door’ solution that showed that industry collaboration could deliver benefits to members.
“When the ASP was formed in November 2010 we agreed our first priority was to design and deliver this pilot to provide better service to our fund members and to assist the Federal Government in its reforms,” McCammon said.
ASP is looking to provide further efficiencies in the back office of superannuation, with the contributions process currently being considered.
ASP participants currently administer over 55 per cent of superannuation accounts and conduct 45 per cent of the total value of superannuation rollovers in the industry.
