It has been 5 days since my application was received and 3 days since all documentation and information was provided but they just keep saying it's being processed, what can I do to have it completed asap, why are they stalling.
Hi @SN79,
Rollover processing times can vary, but there are standard timeframes that funds need to follow. When you request a rollover from a super fund to an APRA-regulated fund, the transferring fund will usually process and pay the rollover within 3 business days of receiving all the required information.
The 3-business-day timeframe only starts once the fund has received all the documentation and information they need to complete the rollover. Before processing, the APRA-regulated fund also runs mandatory verification checks to ensure the fund and member details match records held by them and us.
If it's been 3 days since your fund confirmed they have all required information, you can contact them directly to check on the progress. Super funds are required to process standard rollovers as soon as practicable, and the 3-business-day requirement is a regulatory obligation under the superannuation legislation.
Yes I know all about the regulations and it was confirmed last Tuesday 13 Jan that all documentation and information has been received but it still has not been completed and every time I contact them they just say it's under review by the processing team and they are unable to give a timeframe on when it will be completed.
Further update, I was advised today it will be a further 7 days to complete the rollover as my account needed manual verification. So 16 days to complete a rollover from an APRA fund to another APRA fund.
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