Review of income stream products with a residual capital value 110-02060040

The system issues review letters on the expiry of the product term if the income stream product has an RCV amount greater than zero. The review activity (Super Term Expired review) appears on the Future Activity List (FAL) screen and the review reason is 'STX'.

Customer is required to advise what they have done with the money received at the end of the term. If the customer invests the money, they are asked to provide details of the new investment. If they used the money to purchase a new income stream product, the customer is asked to provide an income stream schedule issued by the product provider.

• All reviews returned to the agency or a service centre are scanned onto the customer’s record for processing. Payment is suspended FSS - No reply to income stream review, or FRC - Fail to reply to correspondence (check suspension DOC) for payments in the NSS system, go to Step 2
• Review letter has been returned, go to Step 4
• Customer contacts to provide the details of the review in person or over the phone, go to Step 5

28 days after the system sends the initial review letter to a customer, a reminder letter issues where there has been no update or reply.

The system suspends the customer's payment after 28 days from the date of issue of the reminder letter, if there has been no update or reply to the reminder.

Note: due to limitations in the NSS system, payments will be manually suspended FRC (Fail to reply to correspondence) if they have not responded to the review or the reminder letter. See Cancellation, suspension and rejection reason codes for Newstart System (NSS).

The customer’s payment can be restored using the Benefit Action (BA) screen if the customer has provided all the information and/or documents needed. For example, customer has advised where the proceeds of the income stream have been invested or used.

Can the customer’s payment be restored and income stream updated?

• Yes, go to Step 3
• No:
• Advise the customer to provide the information required for the review including a schedule if a new income stream has been purchased
• Create a review for the return of the requested information within 14 days. Record details of the customer contact on a DOC
• Procedure ends here

An activity to cancel the customer's payments 13 weeks after the date of suspension will be on the Future Activity List (FAL) screen. Leave the activity on FAL, as when the review becomes due the system will check the customer is current. If they are, the activity will automatically cancel.

The guided procedure cannot be used in the restore activity. Restore the customer's payment first using the Benefit Actions (BA) screen by taking the restore activity to AR but not finalising it. Manually code any updates in the same activity.

Go to Step 6.

Has the customer provided the full details required? For example, where the proceeds of the income stream have been invested or used.

• Yes, go to Step 6
• No, contact the customer to obtain the full details
• If the customer is unable to provide the full details, create a review for the return of the requested information within 14 days
• Record details of the customer contact on a DOC
• Procedure ends here

Customer is required to advise what they have done with the money received at the end of the term. If the customer invests the money, they are asked to provide details of the new investment. If they used the money to purchase a new income stream product, the customer is asked to provide an income stream schedule issued by the product provider. Note: details of a new income stream cannot be accepted over the phone, an income stream schedule is required.

Is the customer able to provide full details for the review?

• Yes, go to Step 6
• No, advise the customer to provide the information required for the review including a schedule if a new income stream has been purchased
• create a review for the return of the requested information within 14 days. Record details of the customer contact on a DOC. Procedure ends here

• Select the income stream review from the FAL screen. This will transfer it to the AL screen
• If the form was scanned, view the scanned image on Document Tools in Customer First. Note: if the form is scanned, the review activity will be on the AL screen
• Select the activity on the AL screen. The SUPS screen will display

From the SUPS screen:

• Select the appropriate line and the Pension/Annuities Identification (SUPI) screen will display. Check correct product selected

On the SUPI screen update:

• Product Cancellation Reason: field - code 'EXP'
• Source: and DOR: fields - the date the customer provided the information
• Code 'C' in the Action: field (system will not accept 'I')

Go to the SUPV screen. The system will automatically set the relevant fields to zero. Update the following fields:

• Event Date: field - use the date the customer provided the requested information. Note: if the customer has purchased a new income stream with the funds, the event date is the date of purchase of the new income stream
• Action: field - code 'I'

Note: if there is more than one income stream product, repeat this step for each of them.

Has customer provided information about a new investment or income stream product?

• Yes, do not finalise current activity until the new details are also recorded:
• record details on a DOC
• procedure ends here
• No, record the details of the assessment on a DOC and submit the activity