As you’re aware, the FSP Super Service and Prestige Plus (FSP) products were closed to new investors from 30 September 2013. Effective 1 December 2020, your clients’ accounts will transition to the Voyage Superannuation Master Trust and Investment Service (Voyage Wrap). To reduce the impact to you and your clients this change will occur over the weekend of 5 and 6 December 2020. Changes to product fees will apply from 1 December 2020.
What this means for you
While the brand will change from FSP to Voyage, which includes the Voyage logo and product name appearing on future correspondence and the online portal - there’s no impact on your clients’ investments or on any insurance cover they currently have. Your clients will also continue to have access to the same features and benefits. Macquarie Investment Management Limited will continue to be the administrator.
Any Adviser Service fee arrangements you have with your clients will not be affected and these will continue to be paid in the usual way, unless your client advises us otherwise.
A different Administration fee applies within Voyage Wrap, and a transaction fee and Group and OneCare Insurance Administration fees also apply. Other fees and charges within Voyage Wrap are the same as for FSP.
See the Product Disclosure Statement for the Voyage Superannuation Master Trust and IDPS Guide for the Voyage Investment Service at wrapinvest.com.au/voyage for detailed information about the Voyage Wrap products.
From 7 December 2020 online access to your clients’ accounts will be available using your existing access code and password at wrapinvest.com.au/adviseronline
You’ll continue to have access to your clients’ transaction histories, and all other aspects of your clients’ accounts will remain the same, including your clients’:
- account numbers,
- superannuation contribution arrangements,
- investment instructions, and
- pension payment arrangements
There’s also no change to any other instructions your clients have provided, including Beneficiary Nominations, and the relationship you have with your clients remains the same.
Please note: Where an account is closed before 30 November where the client does not have another currently open account in the product (e.g. a closed Super account, but an open Pension account) historical reporting will not be transitioned to Voyage Wrap, but will remain accessible online under the original product branding.
Temporary suspension of Super to Pension account transfers
To ensure the Transition to Voyage Wrap occurs as seamlessly as possible, a suspension period will apply to Super to Pension account transfers from 1 November to 7 December 2020. Super to Pension account transfers submitted during the suspension period will be processed from 7 December 2020. All other account transactions, including investment option switches, will not be affected by this transaction suspension period.
As you’re aware, the Federal Government has passed legislation that prohibits the payment of grandfathered commission arrangements from 1 January 2021. This includes payment of commissions on Group Insurance premiums within Superannuation. The removal of any commission from your clients’ Group insurance premiums will also occur at the end of November 2020, with the final payment in December 2020. This change doesn’t impact any commissions you receive on OneCare insurance premiums.
If you have a question about this transition, please contact your IOOF Client Solutions Manager or call Voyage Wrap Adviser Services on 1800 892 353, weekdays 8.00 am to 7.00 pm (AEST).
We look forward to continuing to work with you to grow, manage and protect your clients’ investments.