Important EOFY dates for SuperSMA processing

Summary of dates

New SuperSMA - Accumulation account applications

Applications must be received by 27 June in order for a member to be admitted to the fund prior to 30 June 2017. Please note the contributions/rollovers cutoff dates below.

New SuperSMA - Pension account applications

For new pension clients wishing to receive their first pension payment, prior to June 30, the pension account must
have a commencement date (i.e., application processed and funds received) prior to 5 June. Pension
applications/funds received after this cut off date will receive their first payment in the 2017/2018 financial year. 

Contributions/rollovers

All appropriate supporting documentation (e.g. member contribution form, work test declaration, Rollover Benefit Statement) must be received by Tuesday 27 June. Contributions/rollovers can be made using one of the following methods.
Please refer to the Lodgement of paperwork section below for further details on making contributions/rollovers.
  • Electronic payments: must be received by Tuesday 27 June*.
  • Direct Debits: must be received by Friday 23 June.
  • Cheques: funds must be cleared by Tuesday 27 June. We recommend that you check with your bank for clearing times and allow plenty of time for funds to clear ahead of the cut off date.
  • Rollovers* : Please keep in mind that some transferring funds can take over 3 weeks to deliver the member’s benefit via a SuperStream message the fund has initiated, and the timing of receipt is outside of our control.
*Note: SuperStream Clearing Houses used for rollovers and by certain employers can have internal delays of up to six days.

Internal account transfers

Internal account transfer requests (moving funds from accumulation to pension or from pension to accumulation) must be received by close of business 12 June 2017.

Pension payments

Any instructions to change the final periodical pension payment must be made by 5 June 2017.
Final adhoc pension payment requests for the current financial year must be submitted and received by 19 June 2017.

Benefit payments

This includes account closures, rollover outs, contribution splitting & commutations. Instructions must be received by 15 June 2017.

Transfer balance cap of $1.6 million in retirement phase pension

If you have a client with more than $1.6m in an Account Based Pension in the Praemium SuperSMA, we will be contacting you soon to ascertain whether you intend to instruct us to either:
  • Roll back the excess to accumulation phase (if the member does not already have an accumulation account in the fund, we will require a new completed application form); or
  • Withdraw the excess benefits using the Payment Request Form.
We will need to receive these instructions by 15 June 2017.
If you have a member with a total of more than $1.6m in retirement phase, when combining their benefits in the Praemium SuperSMA and an external fund, please contact us if you wish to take any action regarding the Praemium SuperSMA retirement benefits.

Lodgement of paperwork

To simplify and streamline your end of financial year processing and administration you can submit requests and scanned forms electronically to us and you’ll receive a system generated email confirmation of your request.
Click to view the correct address details

Direct deposit

Direct deposit to the Fund’s bank account:
  • RBCIS ACF Praemium SuperSMA
  • BSB: 012-003
  • A/C: 836412048
Please include the SuperSMA account number or name in the notes for direct deposits.

When depositing via direct deposit, please email support@praemium.com.au with the details applicable to the contribution (account number, amount, contribution type, etc.)

Cheque

Make cheques payable to RBCIS Praemium SuperSMA and cross it as “Non-negotiable”.

Send cheques to:

  • SuperSMA
  • PO Box 322
  • Collins Street West
  • Melbourne VIC 8007

Please include details applicable to the contribution (account number, contribution type, etc.) with your cheque.

Contribute/ rollover (via SuperStream Clearing House)

Please search for the PraemiumSMA Superannuation Fund using the following details:

  • USI: 75703857864088
  • Fund Code: C-PRAEMIUM002
  • Fund Name: PRAEMIUM SMA SUPERANNUATION FUND - ACCUMULATION ACCOUNT

Pension limits

We are currently monitoring Account Based Pension & Transition to Retirement accounts to ensure members receive their minimum pension payments for the 2017 financial year. If an account is found to be short of the government-mandated minimum we will increase June’s final pension payment to ensure the minimum is met.

More information 

Contact our Client Services team on 1800 571 881 or  via email if you would like to more information.