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Investing with IOOF
Your retirement goals
No. Transact operates as a clearing house so you can pay contributions for all your employees in one go regardless of the super fund they’re with.
Yes. This method is recommended for employers that are paying for more than 20 employees. Simply send a copy of the contribution file you wish to upload to our Transact Helpdesk and they will confirm once the file can be ready to use.
Yes. On Transact, simply link the new fund the employee is with and then transfer their record using the ‘Transfer Member’ function.
Yes. We recommend you have at least two registered users for Transact.
Yes. All the associated entities must first be registered with IOOF before they can be set up on Transact. Alternatively, we can group all the entities so that you can have a single group user ID to access each entity’s profile on Transact.
Once you have received the refunded contribution and transferred the member record to their new fund, the contribution can be re-submitted through Transact by establishing a one-off contribution batch. This will send the payment to the member’s current Choice of Fund.
If the member has an account with IOOF, they can be added on Transact the same way as if they had elected Choice of Fund. Alternatively, if the member wants to be under the employer-sponsored plan, a new member record can be added for them under the default fund. This will create a new IOOF account for them and the member can then consolidate their previous account into the new account.
You can terminate the member on Transact by exiting their record. This will send a notification to IOOF to begin closing the member’s account. Exiting member records also allows you to properly maintain your employee listing on Transact.