Open a pension account

The ATO has additional security requirements when opening a pension account for your client. When you elect to rollover a client’s benefits through our online application tool, there’s an additional security step to ensure that only authorised parties can:

  1. view details of your client’s external super fund, and
  2. give us the authority to send the SuperStream message to the external super fund.

We’ll send an email with a unique authentication code to the adviser or support staff looking after the application. You’ll need to use this code in the email to proceed with both submitting the application and the rollover.

You’ll need limited or full transact to receive the authentication code. If you, or the person completing the application, doesn’t have limited or full transact authority, the authentication code will be sent to the person you nominate to finalise the application.

What happens next?

We’ll process the application and open the account provided the account details are correct and your client passes the required AML verification steps.

Once the account is open, we’ll send a welcome email to your client so they can view their account information online.

Processing times for pension applications

Your client’s account number will be generated and the account will be visible online within 1 business day.

Where a pension account opening requires direct debits, rollovers, asset transfers and/or a combination of those, the account opening is generally finalised within 20 days.

Direct debit only

Expected timeframe: approximately 8-10 days                                                       

  • In order for us to action a direct debit, you must complete a Macquarie Superannuation Direct debit request, using the wrong form can delay your account opening
  • If the external account we’re debiting is a joint account, please ensure that we have signed authority from both account holders
  • When we receive a direct debit request as part of your application, it’s generally actioned on the same day and set to run overnight
  • We expect to receive the funds within 5 business days
  • If the direct debit dishonours, this will add additional time to the request
  • Once the funds are received, we’ll complete the pension set-up
  • Where a tax deduction is required on a personal contribution, it may take longer to finalise your account opening.

 

Macquarie-initiated rollovers only

Expected timeframe: between 5 and 15 days, depending on the external superannuation fund.

  • Where rollover details are provided on the online application, we’ll automatically send the rollover request via SuperStream
  • Rollover requests require us to liaise with third parties, other platforms and/or registries. Third parties may have different cut-off and processing timeframes, which could impact the time it takes to complete a request
  • SIS regulations require rollovers to be actioned within 3 days of receipt; however, it’s best to check with the external institution if you can see on Adviser Online that the funds haven’t been received, as they could require further information or action before processing the rollover
  • As SuperStream rollovers are cash only, awaiting the sale of assets held with the external fund could add additional time to the request
  • Where funds haven’t been received after 15 business days, or the SuperStream request has been rejected, a no response/rejection message will be returned to us. We’ll notify you if this occurs and it’s best to check with the external superannuation fund to see if more information is required before the rollover is re-processed.

Asset transfer(s) only

Expected timeframe: approximately 20 days, but dependent on the asset being transferred.

If you’re looking to confirm if assets have been received, please log in to Adviser Online to confirm, or refer to How can I view investment transactions?

  • As transfer requests are often dependent on third parties such as share registries, platform providers or custodians and fund managers, it can be difficult to provide precise timeframes for transfers
  • These third parties may have different requirements and cut-off times to us, which will impact the time it takes to complete the request
  • It’s best to check with the external institution if you can see on Adviser Online that the assets haven’t been received, as they could require further information
  • For more information about asset transfers, see Requirements to transfer assets in or out of my client’s Macquarie Wrap account.

Switching from an existing super account to a new pension

Expected timeframe: approximately 10 days.

For more information on switching between super and pension, please refer to this Help Centre article, Switching from super to pension account.

Avoid delays to starting a pension

Nominated account for pension payments

When nominating a bank account for pension payments to be received, please ensure this account name is either:

  1. An individual account in the client’s name, or
  2. A joint account in the client’s name

Please note: Bank accounts held in the name of a trust can’t be accepted as a nominated account for pension payments.
 

Outstanding transactions 

If you’re moving funds from an existing super account with Macquarie into a new pension account, we won’t be able to complete a switch request of the full balance until all outstanding transactions have settled.

For more information on switching between super and pension, please refer to this Help Centre article, Switching from super to pension account.
 

Original tax file declaration if under 60

If your client is due to receive pension payments before turning 60, we need an original Tax File Number Declaration form (NAT 3092). For further information on why we need this, please see Tax on pension withdrawals and payments.

For further information, please see Requirements to open an account.

Chat to us on Adviser Online

Chat in real-time with an adviser consultant Monday to Friday, 8am to 7pm Sydney time (excluding public holidays).

Tell me more

Resolve a complaint

Everyone at Macquarie is commited to providing our clients with the highest standard of products and services available. If you have feedback we would like you to tell us about it. 

Find out more

Talk to us today

To speak to a specialist complete this form and we'll be in touch.

Request a call
Download Macquarie App

Unless stated otherwise, this information is provided by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 (MBL) and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Finance is subject to our credit approval criteria. Terms and conditions apply and may change without notice.

Apple Pay, the Apple logo & iPhone are trademarks of Apple Inc, registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android Pay, the Android Logo and Google Play are trademarks of Google Inc. MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. BPAY is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.

Other than MBL, none of the Macquarie Group entities referred to are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Cth), unless noted otherwise. Their obligations do not represent deposits or other liabilities of MBL. Unless otherwise stated, MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity.

© Macquarie Group Limited