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We've compiled some key questions to support you through the migration. If you can’t find your answer here, contact us.
All managed and listed investments were migrated as in-specie transfers without any assets having to be sold or repurchased.
Whilst clients have been migrated from one product to another, there is no change to the super fund or service operator, therefore no capital gains tax event has occured. All investment options that clients hold have migrated as an in-specie transfer without any assets having to be sold or repurchased. As a result, clients have not incurred any CGT consequences.
Existing pricing arrangements for clients in all migrated products (excluding LifeTrack) have either been maintained or reduced.
The LifeTrack account fee structure consisted of administration, account keeping, expense recovery & expense reimbursement fees. We have simplified and standardised our fee structure to an administration and account keeping fee. For a small number of clients this has resulted in a fee increase, as the fees previously paid were very low. We have capped the fee increase at $150 pa, and usual Protecting Your Super rules apply. All clients have received an indication of their post-migration fees in their Significant Event Notice letter. For further details, please contact our Advisory Solutions Team.
All adviser service fee arrangements in place on existing accounts have been migrated. This includes start and end dates, and annual amounts. New adviser service fee agreements can be implemented on new accounts.
Where managed funds and listed securities were held, each tax parcel has been transferred separately to the new account with relevant CGT cost base information attached. Although assets have been transferred, not sold and re-bought, the transaction histories for both old and new accounts show “sell” and “buy” transactions respectively with the same unit/asset cost, as at the migration date, for each of the parcels.
Yes. We will provide margin lenders with new account details. All existing margin loans have been transferred without any action required by adviser or client, and without any change in the terms and conditions of their previous margin loan.
No, only open accounts have been migrated. Closed accounts including historical transaction information are available via Portfolio Online until the second half of 2022.
Historical transaction information is available via Portfolio Online until the second half of 2022.
Yes, it's important that you encourage your clients to update the USI with their employers. Find out more here.
Contributions received for new eXpand or IOOF Essential accounts after migration will be applied to the new account. Contributions received for closed accounts will be applied by our ClientFirst team to each member’s new account.
As soon as possible after members receive their Welcome Letter, they should provide their contributing employer with the new fund & account details provided.
All existing pensions will continue. There will be no change to pension payment details and no impact on members’ Centrelink/ Department of Veteran's Affairs benefits.
Pension clients that were previously paid twice-monthly on the 14th and the 28th of each month will be paid on a fortnightly basis, with payments made every second Tuesday. The first fortnightly payment will be on 7 December 2021. The total annual payment will be the same amount as their previous pension payment.
Going forward, pension clients on fortnightly payments will receive either 26 or 27 payments depending on the number of Tuesdays in the year. As a starting point, we will keep annual pension amounts the same, meaning a slightly lower payment per fortnight compared to the 24 payments under a twice-monthly arrangement. We wrote to pension clients early in July confirming their 2021-22 pension amount (noting that pension minimums will be reverting to pre-Covid levels from 1/7/2021) and providing clients the opportunity to change the amount. Pension payments on frequencies other than fortnightly will continue at the current rate and frequency.
All death benefit nominations made by members through their existing product have been transferred to their new account. This includes expired nominations where a binding nomination has lapsed and become non-binding. The types of death benefit nominations offered by the Trustee and the terms under which they operate remain the same.
We will report new account details to Centrelink but the transfer of your clients’ pensions has been treated as a continuation for social security purposes. As a result, there has not been any impact on clients’ Centrelink/ Department of Veteran's Affairs benefits or deeming. Clients do not need to advise Centrelink of their new account details.
Clients will receive confirmation of the migration including their new account details and closure of their previous account. This will be in the form of the following:
An Exit Statement from previous account
An Exit Statement from the previous account
A Welcome Letter (including new account number and how to register for online access)
A Welcome Letter (including new account number, Choice of Fund form and how to register for online access)
A Welcome Letter (including new account number, Centrelink Schedule and how to register for online access)
A final Quarterly Statement from the previous account
2021/22 Tax Statements for the previous and new accounts
2021/22 Annual Statement for the new account
Our dedicated Advisory Solutions Team can provide training for you and your business.
To further support you and your support staff, we are developing a series of demo videos to show you how to maximise the benefits of IOOF Online.
Visit the Evolve learning centre