ASP agrees to move to web-based electronic rollover service
The Affiliation of Superannuation Practitioners (ASP) has agreed to take the electronic rollover system it piloted last year to the next level as a web-based system.
Members of the ASP include AAS, AMP, BT Financial Group, Colonial First State, MLC, Pillar and Superpartners.
The model created for the pilot program was successful in enabling ASP members to transact superannuation rollover data and payments electronically, but the technology underlying the system meant it faced issues of scale, according to ASP spokesperson Nigel McCammon.
"The management committee has now committed to lifting that to` a web-based solution, which not only addresses that issue of scale but also supports fully the Government's intention and direction in regards to services and data standards," McCammon said.
While a formal timeline has not been agreed for the project, the group hopes to have the web-based service operational in about 12 months time.
To date, the ASP's pilot program has seen 12,000 rollovers with a collective value of $120 million completed, with products being added on an ongoing basis.
The success of the pilot program has also been an important test of the ability of the participants to work together to deliver efficiencies through technology.
"We have really proven to ourselves and to the industry that retail providers and fund administrators are able to collaborate successfully," McCammon said. "We've now demonstrated a commitment to taking that to the next level with web."
McCammon also said the ASP has enjoyed strong support and engagement from both the ATO and Treasury in its bid to establish new technology and standards in the industry.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
