The Industry Funds Forum (IFF) said it has opened its eRollover Hub to the superannuation industry after a trial showed the solution's ability to slash rollover costs.
IFF member funds REST, Sunsuper and Statewide participated in a trial that demonstrated the ability of the hub to process over 850 rollovers at a total cost of 40 cents per rollover for both the sending and receiving fund, IFF executive officer Helen Hewett said.
"This compares to around $12.50 for the average manual rollover."
The success of the pilot has fulfilled the objective for IFF to develop a total eCommerce solution for all rollovers increasing efficiencies and saving money for fund members, she said.
"The hub is an attractive solution for all APRA (Australian Prudential Regulation Authority) regulated funds as it requires one single fee-free connection and it's available now, so funds can benefit from immediate savings," Hewett said.
"These funds and ultimately their members, saved on processing costs and the members had the benefit of their money being out of the market for less than 48 hours compared to weeks or months with a manual rollover involving paper and a cheque."
Several other industry and public sector funds would shortly be brought on board, including Vision Super, Hewett said.
