❓ A WA parliamentary question regarding GESB (Government Employees Superannuation Board) members transferring their superannuation to other providers, covering transfer numbers, compliance, and information requirements.
AnsweredQoN 4658Legislative Assembly
QuestionView source ↗
In relation to GESB members transferring their superannuation to other providers, I ask:
(a) how many GESB customers have closed their accounts and transferred them to other superannuation funds this financial year and last financial year;
(b) does GESB fully comply with federal requirements for ease of transfer; and
(c) what further information beyond what is specified by federal legislation does GESB request from fund members who apply to move their accounts?
(a) how many GESB customers have closed their accounts and transferred them to other superannuation funds this financial year and last financial year;
(b) does GESB fully comply with federal requirements for ease of transfer; and
(c) what further information beyond what is specified by federal legislation does GESB request from fund members who apply to move their accounts?
AnswerView source ↗
Answered
14 March 2011
Response time
27 days
(a) Number of GESB members that have closed their accounts and transferred to another fund
Financial year 2009/2010: 5 788
Financial year 2010/2011: 3 066 (as at 31
st
January 2011)
(b) GESB follows the guidelines set out by APRA in relation to accounts being transferred to other superannuation funds. This means that we ensure a valid request is received, that the member has been provided with all necessary information in relation to fees and the impact on transferring the benefit. Requests are processed as soon as practicable and in any case within 30 days of all required information being received.
GESB has implemented appropriate internal controls to guard against fraud and illegal early access. These include certified identification documents being supplied for all payment requests, copies of bank statements to verify EFT payment, verification that the rollover destination fund is a complying fund and confirmation from the employer that the member has ceased employment as well as the date and amount of the final contribution due.
In the case of transferring funds to a Self Managed Super Fund, GESB requests additional proof that the new fund is a regulated fund. GESB also has in place additional verification checks to ensure the funds are being released to the correct destination fund.
(c) No further information other than that outlined above is requested from members who are requesting these types of transactions.
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Financial year 2009/2010: 5 788
Financial year 2010/2011: 3 066 (as at 31
st
January 2011)
(b) GESB follows the guidelines set out by APRA in relation to accounts being transferred to other superannuation funds. This means that we ensure a valid request is received, that the member has been provided with all necessary information in relation to fees and the impact on transferring the benefit. Requests are processed as soon as practicable and in any case within 30 days of all required information being received.
GESB has implemented appropriate internal controls to guard against fraud and illegal early access. These include certified identification documents being supplied for all payment requests, copies of bank statements to verify EFT payment, verification that the rollover destination fund is a complying fund and confirmation from the employer that the member has ceased employment as well as the date and amount of the final contribution due.
In the case of transferring funds to a Self Managed Super Fund, GESB requests additional proof that the new fund is a regulated fund. GESB also has in place additional verification checks to ensure the funds are being released to the correct destination fund.
(c) No further information other than that outlined above is requested from members who are requesting these types of transactions.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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