GSC Super Contributions Update
FAQs
The policies affected by this change are those Income Protection policies that include Super Contributions as a benefit.
Super Contributions, which were historically paid via EFT to a nominated bank account provided by the Trustee, will now be processed through SuperStream using SuperChoice as the provider. This change includes sending the payment along with specific member data.
The transition to SuperStream will align the Super Contributions payment process with the standard employer contribution process. This means that payments will be processed more efficiently and consistently, reducing manual intervention and potential errors.
The SuperStream payment data will include the following member details:
- Member name
- Member address
- Date of birth
- Tax File Number (TFN)
- Member number
- Payment period
- Contribution type (Super Guarantee)
No, the transition to SuperStream is designed to maintain or improve the current frequency and timing of Super Contribution payments. Members should not experience any delays or disruptions in receiving their contributions.
Yes, members should be notified of the change in the payment process. Communication can be done through official letters, emails, or notifications on the super fund's website, ensuring that members are aware of the new process and any potential impacts.
| Remitter ABN | Remitter Organisation Name |
|---|---|
| 33632838393 | ZURICH MASTER SUPERANNUATION FUND |
If a member's details are incorrect or incomplete, the payment may be delayed or misallocated. Trustees should ensure that all member information is accurate and up-to-date. If issues arise, they should promptly contact the Claims Team to resolve any discrepancies.
Trustees should ensure compliance with all relevant regulations and guidelines related to SuperStream and superannuation contributions. This includes maintaining accurate member records, adhering to privacy laws, and following the standards set by the Australian Taxation Office (ATO) for SuperStream transactions.
Members will benefit from faster and more reliable processing of their Super Contributions, enhanced accuracy in payment allocations, and improved communication and reporting. This leads to greater confidence and satisfaction with the management of their superannuation benefits.
Trustees should promptly communicate any barriers or issues to the Claims Team. Collaboration and open communication will help address and resolve any challenges, ensuring a smooth transition to the new payment method.
There should be no significant changes to how members access their Super Contribution information. Members will continue to receive regular statements and have access to their account details through the super fund's online portal or customer service channels.
Trustees and Fund Administrators can provide feedback via their relationship manager.