Adviser-initiated payments

Your adviser can initiate online lump sum withdrawals and ad hoc pension payments on your behalf for eligible pension accounts only.

Please note, this excludes Term Allocated Pensions and transition to retirement pensions.

Limits on adviser-initiated payments

Your adviser can initiate a single payment of up to $30,000. Once your adviser has initiated a payment, they won’t be able to initiate another online payment for you for two weeks.

There must be sufficient available cash in your pension account for the payment to be made without any delays. If there isn’t enough cash available to make the payment, your adviser will need to lodge asset sale orders before requesting the payment.

As a security measure, your adviser can only initiate payments into the bank account where we make your regular pension payments. This is to ensure you’ve authorised the bank account to receive the payments.

Processing times for adviser-initiated payments

If there is enough available cash in the account to make the payment, you’ll generally receive the funds in one to three business days. This may be impacted by your financial institution.

In some instances, the amount of available cash at the time of the request will be higher than when we attempt to make the payment. This could happen if an investment trade is placed around the time of the payment request.

In this situation, it will take longer for you to receive the proceeds as we’ll need to wait for cash to become available again.

We recommend your adviser not to place any trades after initiating these payments to avoid any delays.

Impact on your regular pension payments

Adviser-initiated payments will be one-off payments made independently of the existing payments you receive. They won’t impact your existing payment schedule.

If you’d like to change your existing pension payment schedule, your adviser can do this through Macquarie Online for you.

Tax on adviser-initiated payments

If you’re under the age of 60, tax may apply on payments. All amounts selected will be net of any applicable tax.

In other words, the amount your adviser chooses will be the amount you receive in your bank account. This means the amount that is withdrawn from your account may be higher.

If you’re aged 60 or over at the time of the payment, tax is not applicable.

‘Lump sum withdrawal’ vs ‘ad hoc pension payment’ methods

If your adviser chooses the lump sum withdrawal option:

  • The payment will not count towards the annual minimum pension requirements
  • If you’re under the age of 60, there may be different tax implications compared to your regular pension payments, and
  • Your transfer balance cap will be reduced by the amount of the payment.

Ad hoc pension payment

If your adviser chooses the ad hoc pension payment option:

  • The payment will count towards the annual minimum pension requirements, and
  • If you’re under the age of 60, the payment will be taxed in the same manner as your other pension payments.

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