Adviser Initiated Pension Payments

On behalf of your clients, you can initiate online lump sum withdrawals, rollovers and ad hoc pension payments for eligible pension accounts only (excludes Term Allocated Pensions and Transition to Retirement pensions). 

Lump sum withdrawals and ad hoc pension payments will be one-off payments made independently of the existing payments your clients receive, and they won’t impact those arrangements. These payments will be paid out to your client’s nominated account.

Rollover payments can be paid to either a self-managed superannuation fund (SMSF) or an APRA-regulated superannuation fund.
 

To start the process, simply click the Make a payment button in your client's Account Overview on Adviser Online.

• You can initiate a single lump sum withdrawal or ad hoc pension payment of up to $500,000, or a single rollover for any amount. The amount left in the account after the withdrawal or rollover must meet the minimum account balance requirements.
• Once you’ve initiated a payment, you'll be able to initiate another online payment after three days.
• There must be sufficient available cash in your client’s account for the payment to be made without any delays. If there isn’t enough cash available to make the payment, you’ll need to lodge asset sale orders before requesting the payment.
• Accounts with non-standard signatories (i.e Power of Attorney) or Deceased Estates will be unable to use adviser initiated payments for pensions. We will require a paper Super and Pension Withdrawal form.

Your client will need to approve all rollovers, as well as lump sum withdrawals and ad hoc pension payments over $30,000 from their pension account via the Macquarie Authenticator app. Client approval is not required for lump sum withdrawals and ad hoc pension payments under $30,000 when paying to the nominated account.

Your clients will need to approve payments over $30,000 via the Macquarie Authenticator app or via the print, sign and upload method. If your client uses the Macquarie Authenticator app, they’ll receive a notification from the app with the payment details.

See Macquarie Authenticator for more information.

Please note you can make one payment every three days.
 

Submit a payment using the Authenticator method 

1. Log in to Adviser Online
2. Search for a client using the global search bar
3. Click Account Overview
4. Click Make a payment
5. Select the payment type and enter the payment amount
6. Confirm payment details. Please note your client will need to approve payments over $30,000.  
    

Submit a payment using the print, sign and upload method 

1. Log in to Adviser Online
2. Search for a client using the global search bar
3. Click Account Overview
4. Click Make a payment
5. Select the payment type and enter the payment amount
6. Download the form. You’ll need to print the from and get your client to sign it 
7. Upload the form to Request Centre.

Your clients will need to approve all partial rollover payments via the Macquarie Authenticator app. Your client will receive a notification from the app with the payment details. See Macquarie Authenticator for more information.
 

To submit a request to rollover to SMSF

Please note, you must use an approved SuperStream messaging provider for rollovers to an SMSF.

1. Log in to Adviser Online
2. Search for the client’s account using the global search bar
3. Click Account Overview
4. Click Make a payment
5. Click Next
6. Select the payment type of Partial rollover
7. If the account is a death pension account, click the death pension declaration checkbox.
8. Select to rollover into SMSF
9. Enter the SMSF details including the account name, BSB, account number, ABN and electronic service address. For more information search “Electronic Service Address” on the ATO website.
10. Click Verify. This will verify the SMSF details against the details held on file with the ATO
11. Enter the payment amount
12. If the account contains funds transferred from the UK, enter any required details
13. Click Review.
14. Confirm payment details then click Submit.
     

To submit a request to rollover to APRA-regulated fund

1. Log in to Adviser Online
2. Search for the client’s account using the global search bar
3. Click Account Overview
4. Click Make a payment
5. Click Next
6. Select the payment type of Partial rollover
7. If the account is a death pension account, click the death pension declaration checkbox.
8. Select to rollover into APRA-regulated super fund
9. Enter the Unique Superannuation Identifier (USI) of the APRA fund and click Search. The details of the APRA fund will be populated.
10. Enter the client’s account / policy / membership number
11. Enter the payment amount
12. Click Review
13. Confirm payment details then click Submit.

If your client is approving via the Macquarie Authenticator app, they’ll receive a notification from the app with the payment details when you submit the request. They can approve or deny the request directly from the app.

Notifications can also be re-sent from Request Centre.

You can view the status and progress of payments in Request Centre, including payments awaiting client approval via the Macquarie Authenticator app.

Once the client approves the payment, you’ll receive a notification in Adviser Online.
 

View status of approvals

You can view the status and progress of payments in Request Centre. This includes payments awaiting client approval via the Macquarie Authenticator app. 

Once the client approves the payment, you’ll receive a notification in Adviser Online. 

If you choose the lump sum withdrawal option:

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

If you choose the ad hoc pension payment option:

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

For clients 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 you choose will be the amount they receive in their bank account. This means the amount that is withdrawn from their account may be higher. 

If your client is aged 60 or over at the time of the payment, tax is not applicable.

If there is enough available cash in the account to make the payment, your clients will generally receive the funds in one to three business days. This may be impacted by your client’s 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 your client to receive the proceeds as we’ll need to wait for cash to become available again. 

We recommend not placing any trades if you intend to initiate these payments to avoid any delays.