News

Superannuation Administrator - transition update 

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:

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