Updating a pension

To see your client’s current pension payment details and the minimum pension amount:

1. Log in to Adviser Online
2. Hover over Clients and click Accounts on the menu
3. Select your client’s Wrap account
4. Select Account details and go down to Pension details.

Your client can add more funds into their pension account in a process called a Pension Update. This means the old pension is stopped, and a new pension will commence with the additional funds. 
 
The account number and personal details, including transaction details and fees, will remain the same.

To use the Pension Update option, your client must add a minimum of $500 to the new account. 

They can do this by making a:

• contribution
• rollover from another super fund, or
• transfer from another account within the same fund.

Before you commence a Pension Update

• A Pension Update may affect Centrelink income support recipients and Commonwealth Seniors Health Card holders, as any income test grandfathering will be lost.
• There are Pension Update restrictions during the first week of July when we recalculate all pensions. We'll process the request once we’ve completed the recalculations.
• Pension Updates aren’t available for Term Allocated Pensions.
• A Pension Update can be used to convert a Transition to Retirement (TTR) pension to a standard pension. However, you can’t convert a standard pension to a TTR. You’ll need to open a new TTR pension account and request to switch the funds from the existing pension.
• Any pension payment paid from the account before the update doesn’t count towards the minimum pension requirements of the newly started pension.
• If a Pension Update is submitted for a closed product, the existing Consolidator/Manager account type will be retained when the Pension Update is processed. If you want to change your client’s pension account to a different Macquarie product, you can do so by using the online conversion form.

To add funds to a pension account you will need to fill in a Pension Update Request form. 

For more information, you can access additional resources on Adviser Tools.

• All funds being added to the account will need to be cleared. This takes approximately two business days once received.
• Any investment transactions that are still in progress or placed while the update is in progress will need to settle – including buy, sell and switch transactions, dividend/distributions and any automated plans. Any pension payments and fee payments that are in progress will also need to be completed.
• If your client hasn’t met their minimum pension requirements for that financial year, the pro-rata minimum payment will need to be paid.
• A new minimum pension will need to be calculated, which will be pro-rated for the remainder of the financial year.