As the end of 2017/18 financial year fast approaches, we wanted to share key administration dates and information for contributions, remittance advice, processing, income stream and investment switches.

Contributions

  • Cheques: By post must be received by 2:00pm Friday, 29 June 2018 (including reconciling remittance).
  • All offices will continue to accept contributions by cheque, delivered in person until 2:00pm Friday, 29 June 2018 so that they can be banked by the offices by 4:00pm Friday, 29 June 2018.
  • EFT and BPAY: Must have been debited to the member’s bank account on or prior to Wednesday, 27 June 2018 and be received into our bank account on or prior to Friday, 29 June 2018 (reconciling remittance advice for EFT must also be received on or prior to Friday, 29 June 2018).
  • Direct Deposit: Must be made on or prior to 4:00pm Friday, 29 June 2018 (including reconciling remittance advice).

NOTE - Only monies appearing on our bank statements on or prior to Friday, 29 June 2018 which include a reconciling remittance advice will be allocated with an effective date within the 2017/18 financial year.

Remittance advice

Must include the following information and be faxed, emailed or posted to FSS (email is preferred) and received by 5:00pm Friday, 29 June 2018.

Date and time of contribution Type of contribution Amount of contribuition
Bank & Branch (Direct Deposit only) Member name and number Reference used as part of EFT payment (EFT only)

Email - CRU@pillar.com.au  (do not provide enquiries email)        

Fax - 02 4253 6111

Admin EOFY Processing Period:  30 June 2018 - 1 July 2018 (inclusive)

  • Largely BAU but with arrangements to beimplemented to allow a small window of backdating to COB Monday, 2 July 2018 for employer contributions and COB Wednesday, 4 July 2018 for personal member contributions given the larger volume of EOFY contributions received.  Intention is for Mercer to complete 2017/18 financial year inflow processing by COB Wednesday, 4 July 2018, but this will be volume dependent.
  • Contributions with reconciling remittance advices received on or prior to Friday, 29 June 2018 that appear on our bank statements on or prior to Friday, 29 June 2018 will be allocated with an effective date within the 2017/18 financial year.
  • Contributions received after Friday, 29 June 2018 will be allocated with an effective date within the 2018/19 financial year in line with normal BAU processes.

Income Stream

  • All complete applications for a new Retirement or Transition to Retirement Income Stream received by 5:00pm Friday, 22 June 2018 will be finalised before Friday, 29 June 2018. Applications for a new Retirement or Transition to Retirement Income Stream received after Friday, 22 June 2018 will be actioned from Wednesday, 4 July 2018 onwards.
  • All change of details forms received by 5:00pm Friday, 22 June 2018 will be finalised by Friday, 29 June 2018.
  • All withdrawal forms for Retirement and Transition to Retirement Income Streams received by 5:00pm Friday, 22 June 2018 will be finalised by Friday, 29 June 2018. Withdrawal forms for Retirement and Transition to Retirement Income Streams received after 5:00pm Friday, 22 June 2018 will be actioned from Wednesday, 4 July 2018 onwards.
  • The member website will be blocked for Retirement and Transition to Retirement Income Stream members from 4:00pm Friday, 29 June 2018 until approximately 12:00pm on Tuesday, 3 July 2018 to facilitate end of year review processing. 

Investment Switches

  • Will be honoured in line with normal BAU timeframes, with the exception of Retirement and Transition to Retirement Income Streams. For these members, AOL access will be blocked from 4:00pm Friday, 29 June 2018 until approximately 12:00pm Tuesday, 3 July 2018. Investment switches received via AOL after the block is removed at 12:00pm Tuesday, 3 July 2018 will be processed as business as usual.
  • Any Retirement and Transition to Retirement Income Stream paper based switches received during the blackout period will be processed once the AOL block has been removed at 12:00pm on Tuesday, 3 July 2018 and will be processed with an effective date equal to the processing date.
  • Where End Of Month (EOM) and End Of Year (EOY) have not yet been run at the time the switch is due to be processed and unit prices for the switch effective date are available, Acurity functionality will result in affected members having EOM and EOY transactions brought forward and processed after the switch has been run so that the deductions are then performed using the member’s current net balance and their newly chosen investment options. As a result, no backdating will be required.