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Managed investments - adding a new investment 108-04090020

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\\INTERNAL.DEPT.LOCAL\Shared\NAT\SERDELEXCEL\WORKPRODIMP\Operation Blueprint Migration\RDT Release Icons\32w\icon-attachment.pngManaged investment held in trust for another person (e.g. child or grandchild)

Financial Industry and Network Support (FINS) Bulletin

FINS Helpdesk

Example of E126MI error

E126MI - Managed Investment product XXX has been closed on xx/xx/xxxx

This error presents when a managed investment or superannuation product is recorded as closed in the MIN system and the Investment Date field has been coded with a date after the product was closed to new investors.

Existing customers can still have this investment recorded on their record, however the Investment Date field needs to be coded with a date, prior to the closure date in the error message.

For example, if the following error was received, ‘E126MI - Managed Investment product ANZ0117AU has been closed on 1 Jul 2006’, then the investment date must be coded/corrected to a date of 30 June 2006 or earlier. The error message should no longer present.

This error can present when adding an investment onto the system or updating an existing entry already coded on the record.

Examples for Coding Managed Investments and Superannuation

Table 1:

Example

Description

1

Customer opens a new managed Investment using funds from a bank account

A current Carer Payment customer advises they have transferred $20,000 from their Commonwealth Bank Account on 10 January 2024 to open a new Managed Investment with Colonial First State FirstChoice Wholesale Investments.

Customer advises the new managed investment was opened on the 12 January 2024. As the funds were transferred on 10 January 2024, this is the Event Date to code on the SVS.

The completion of the transfer into the managed investment may take a few days, while in transit funds are recorded off the SVS and onto SVDI using Event Date of 10 January 2024 and then coded off SVDI and onto MIS from 12 January 2024.

2

Customer advises of superannuation product in early claim lodgement

Customer lodges a claim for Age pension on 18 November 2024. They are not age pension age until 23 December 2024. This is an early claim lodged within 13 weeks of reaching age pension age.

Any superannuation owned by the customer, is to be coded using Event Date of 18 November 2024 when the claim was lodged.

Even if customer has a partner who is current on an income support payment, residential Care Assessment (RCA) or Low-Income card (LIC), this superannuation will not assess until 23 December 2024 when customer reaches age pension age.

3

Previously undeclared superannuation fund

Customer applies for Age pension on 21 September 2024. They have a partner who has been current on Age pension since 10 July 2023.

They have advised in the claim that the partner has a superannuation investment in accumulation phase that was not disclosed/coded when partners claim was processed.

Further follow up will be required to assess partner's superannuation from 10 July 2023. This may include requesting superannuation balances for a past date of event.

4

Transfer to Age

Customer on Job Seeker Payment, failed to complete their transfer to age (TTA) task.

Their Job Seeker payment was cancelled on 15 June 2024, when the customer reached Age Pension age.

They completed the transfer to age task on 22 June 2024. Customer owns a superannuation investment. The Event Date to use is 15 June 2024 as any superannuation a customer owns needs to be assessed from the date the customer reach Age Pension age.