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In October 2021 we will send information to your clients migrating to provide them with important information on the December migration, including timing of changes, new features and other migration details.
Clients will receive:
Your client will see an improvement with how they interact with their account online including:
Their existing account details and investment(s) will remain the same, including insurance details, beneficiaries, adviser authorities and any third-party arrangements (such as a power of attorney, if applicable).
Once this change takes place, we’ll write to clients again confirming their new account number and new account information.
Details your client's current fee and new fee, along with how fees are calculated. Your clients may be able to link their account with those of immediate family members, which may save money on administration fees.
In order to process the migration, there will be a temporary halt on all transactions.
If your client would like their employer to make contributions, they will need to submit choice of fund form to their employer’s payroll department. This form will be included in their welcome pack.
Their welcome pack will also include new BPAY® details and unique superannuation identifier (USI) for employer payments.
Pension payments will continue in client's target product. There will be no impact to any social security entitlements they may have as a result of the change.
If your client’s pension is paid twice monthly they are currently paid twice-monthly on the 14th and the 28th of each month. Going forward pension payments will be paid on a fortnightly basis with payments made every second Tuesday. The first fortnightly payment will be on 7 December 2021.
Currently a regular withdrawal plan occurs on the 1st day of the month (either monthly or quarterly as nominated by your client). In the target product a regular withdrawal plan will take place on the 6th day of the nominated frequency.
Currently an automatic distribution facility occurs on the 20th day of the month (either quarterly or half-yearly as nominated by your client). In the target product an automatic distribution facility will take place on the 25th day of the nominated frequency. Any accrued monies will be paid prior to the move.
Currently an automatic withdrawal facility occurs on the 20th day of the month (either quarterly or half-yearly as nominated by your client). In the target product, an automatic withdrawal facility will take place on the 25th day of the nominated frequency. Any accrued monies will be paid prior to the move.
Details how flat dollar fees are calculated
This postcard contains a timeline of transaction freeze start and end dates
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