We’re getting in touch to let you know about some changes to our Macquarie Wrap products, effective 1 October 2021.
 

To read all of the product disclosure changes effective 1 October 2021, please view the Significant Event Notices (SENs) and Material Event Notices (MENs) here.


The SEN and MEN contain information you need to know ahead of the updated product disclosure documents being available on 1 October. These notices will be sent to existing account holders and will also be made available online with the offer documents.

We’ll be in touch again before 1 October to remind you of these changes and to provide further information with accessing the updated product disclosure documents.

Summary of key changes

The following changes apply to the below products:

  • Macquarie Investment Accumulator
  • Macquarie Investment Consolidator
  • Macquarie Investment Consolidator II – Elevate
  • Macquarie Investment Consolidator II – Engage
  • Macquarie Investment Manager
  • Macquarie Investment Manager II
  • Macquarie Pension Consolidator
  • Macquarie Pension Consolidator II - Elevate
  • Macquarie Pension Consolidator II - Engage
  • Macquarie Pension Manager
  • Macquarie Pension Manager II
  • Macquarie Super Accumulator
  • Macquarie Super Consolidator
  • Macquarie Super Consolidator II - Elevate
  • Macquarie Super Consolidator II - Engage
  • Macquarie Super Manager
  • Macquarie Super Manager II
  • Macquarie Term Allocated Pension Manager

 

New pensions

Clients accounts will be restricted if they choose to remove their adviser who is providing them with personal advice.

 
In preparation for the commencement of the Design and Distribution Obligations (DDO) regime, we’re making some changes to an account if an adviser is not linked to the account. This includes:

  • restrictions on purchasing new or additional amounts in investments where the product issuer has restricted the investment to investors that have an adviser or are receiving personal advice
  • loss of access to automated investment management tools
  • restrictions on moving between the Engage and Elevate Investment Menu options within Investment Consolidator II and Super and Pension Consolidator II. 

New pensions

Transactions will be restricted if no advice and transaction not consistent with TMD

 
To comply with our obligations under DDO, we will not permit transactions in products on our Investment Menu which are subject to the DDO regime where you have not provided personal advice AND the distribution conduct is not consistent with the relevant product’s TMD.
 

New pensions

Changes to the complaints process 

 
We’re making some changes to our complaints processes in line with new regulatory requirements. Please refer to the SEN and MEN to find out how these changes affect your products. 
 

New pensions

Other changes outlined in the SEN/MEN 

 

The following changes apply to the below products:

  • Macquarie Pension Consolidator
  • Macquarie Pension Consolidator II - Elevate
  • Macquarie Pension Consolidator II - Engage
  • Macquarie Pension Manager
  • Macquarie Pension Manager II
  • Macquarie Super Accumulator
  • Macquarie Super Consolidator
  • Macquarie Super Consolidator II - Elevate
  • Macquarie Super Consolidator II - Engage
  • Macquarie Super Manager
  • Macquarie Super Manager II
  • Macquarie Term Allocated Pension Manager

 

New pensions

Introduction of an Operational Risk Financial Requirement (ORFR) fee

 
A new administration fee, named the ‘Operational Risk Financial Requirement’ (ORFR) fee, is being introduced. The ORFR Fee is 0.03% p.a. calculated on the balance of your clients’ accounts, capped at $300 p.a.

Please note, this fee will initially not be debited from members’ accounts. We'll be utilising a Fund reserve to pay this fee until the Fund’s reserve is insufficient to cover the fee, from which time the shortfall will be debited to members’ accounts. We’ll communicate with you and your clients before this fee will be debited to members accounts.
 

New pensions

Regulatory and operating expenses clarification

 
From 1 October 2021, the Trustee will recover regulatory and operating expenses estimated to be approx. 0.006% p.a. of members account balances, from the Fund’s reserve. The trustee will continue to recover these amounts from the Fund’s reserve until the reserve is insufficient to cover these expenses, from which time the shortfall will be debited to members’ accounts. We’ll communicate with you and your clients before any such expenses will be debited to members accounts. 
 

New pensions

Other changes outlined in the SEN/MEN 

We’re contacting your clients

As mentioned earlier, we’ll be contacting your clients this month to let them know about these changes and will provide them with a copy of the SEN (for super and pension account holders) and MEN (for IDPS account holders).

Clients with no email address will be sent the SEN/MEN via post with a covering letter. Your clients can update their email online anytime by logging into their account at macquarie.com.au

Do we have to contact your clients?

Yes, we have an obligation to contact your clients as the product disclosure information provided to them when their account was opened is changing.

Please note, where your clients hold multiple accounts with us, they'll receive a notice for each account they hold.

Need help?

Please visit Adviser Help Centre for help and support. Adviser Help Centre now has more than 870 articles providing answers to common questions relating to our product, platform and online portal.