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Superannuation Administrator - transition update - 26 June 2008
We are pleased to advise that Pillar has now completed their conversion of data to their system and that work has commenced on clearing the backlog of applications, benefits payments and processing contributions. It is anticipated that this may take a few more weeks to clear and we again thank you for your patience.
It is anticipated that access to your personal details via the website will be available mid to late July when you will be able to read your current status, rather than your situation at 31 March 2008. More definite information regarding access will be posted on this site as it comes to hand.
Superannuation Administrator - transition update - 23 June 2008
Despite best efforts, the administrator was unable to go live on the system on 23 June. The anticipated date is now 26 June.The new memebr login administered by Pillar is planned to be online in early July with member balances progressively coming up to current values as the backlog from 1 April is processed.
Superannuation Administrator - transition update - 6 June 2008
You would be aware by now that the member statements for the period July 2007 to March 2008 have been sent to members. The statement for the period 1 April to 30 June 2008 will be prepared and sent later this calendar year. Members will be pleased to know that we expect to go live to the new administration system on 23 June, although there will obviously be backlogs of payments which will need to be processed for a short time after that. The Trustee would like to thank superannuation fund members and advisors for their patience over the past months.
Superannuation Administrator - transition update - 30 April
As members are aware, from 1 April 2008 administration of the Australian Ethical superannuation fund is being performed by Pillar Administration services. As the fund’s administrator, Pillar staff will be receiving enquiries about the fund, responding to correspondence from members and processing fund contributions and payments. Pillar provides this service for many other superannuation funds, administering superannuation accounts for around 1.5 million people. For more information about Pillar see www.pillar.com.au.
We have been working closely with Pillar and the previous administrator, United Fund Management Limited, to ensure that the transition occurs as efficiently as possible. It is important that in moving our fund’s records and data from United to Pillar, all the necessary checks are performed to ensure the integrity of the fund’s data for the future administration of the fund. Those checks take time and mean that, while the transition is in progress, some member transactions or services will be disrupted. Details about the impact on some transactions and services are set out below. At this stage, our expectation is that transactions and services will get back to normal in June 2008.
We will keep you up to date with development through our website.
Rollovers and requests for member payments
There will be delays in the processing of member’s requests for rollovers or benefit payments. Allocated pension payments will not be affected.
For member benefit payments, during the transition period an interim payment can be paid to you. The total amount that can be paid is 70% of your account balance as at 31 March 2008 (in some urgent cases, 95% can be paid). The balance will be paid upon completion of the transition.
Request for rollovers to other superannuation funds will be accepted and collated by Pillar, however they will not be actioned until completion of the transition. Before another fund will accept a rollover payment we need to provide to them various taxation and benefit components that make up the payment. That information cannot be provided until the completion of the transition. Any payment made without this information would be returned to us by the other superannuation fund.
Switches
Switches will not be actioned until completion of the transition. The trustee may decide not to accept a switch request during the course of the transition.
Further Information
Australian Ethical Superannuation apologies for inconvenience caused to members as a result of the transition. As indicated, the delay is necessary to ensure the integrity of the fund’s records through the transition process.
Should you require any further information about the transition you can contact us in the following ways:
| Phone: | 1300 134 337 |
| Fax: | 02 6201 1959 |
| Web: | www.austethical.com.au |
| Email: | aes@austethical.com.au |
| Post: | Australian Ethical Superannuation Fund |
| PO Box 1916 | |
| Wollongong NSW 2500 |
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