We’re getting in touch to let you know about some changes to the Super & Pension Consolidator Cash Hub that will apply from 25 November 2020.
These changes are:
- The maximum Cash Hub administration fee will be reduced, and
- The interest rate minimum will change to the official RBA cash rate less 0.75 per cent.
These changes don’t impact the interest rate your clients currently receive, nor the Cash Hub administration fee they currently incur.
Following these changes, the interest rate your clients will receive on their Cash Hub, as at 25 November 2020, remains unchanged at 0.00% pa.
We’ll be contacting your existing clients to let them know about these changes via a Significant Event Notice (SEN). You can view a sample of what we’re sending here.
Summary of changes
Cash Hub administration fee
|Current Cash Hub administration fee||New Cash Hub administration fee|
A Cash Hub administration fee may apply to the daily balance of the Cash Hub from time to time.
This will generally be no more than
1.50% pa but may be up to 2.41% pa.
This amount is an estimate only.
A Cash Hub administration fee of up to 1.50% pa applies to the daily balance in the Cash Hub.
This fee may fluctuate and at the time of this document, is 0.83% pa.
Cash Hub interest rate minimum
|Current Cash Hub interest rate minimum||New Cash Hub interest rate minimum|
The rate will be no less than that which applies to the Macquarie Cash Management Account less 0.75%.
The rate will be no less than that which applies to the official RBA cash rate less 0.75%.
You can view a summary of account changes in the SEN flyer.
Clients with no email address on file will be issued the SEN via letter. Your clients can update their email online anytime by going to macquarie.com.au and logging in to Macquarie Online.
Do we have to contact your clients?
Yes, we have an obligation to contact your clients as the above information changes the information disclosed in the Product Disclosure Statement (PDS) provided to them.
We’re getting in touch with your clients who hold either a Macquarie Super Consolidator or Macquarie Pension Consolidator account.
You can easily see which clients you have invested in either of these products by running a report across all of your client accounts.
If you have any questions, you can visit Adviser Help Centre.