Change pension payments

The Pension Details report for each client shows their current pension payment details and the minimum pension amount.

Based on your client’s needs, they may want to increase or decrease their pension payments. You can easily change your client’s pension payments through Adviser Online.

1. Log in to Adviser Online
2. Click Clients on the menu under the Macquarie icon and select Wrap account administration
3. Select Maintain a pension account
4. Search the account by name or number
5. Click Amend annual pension details and click Modify.

Amount

As an adviser, you can amend the pension amount paid to your client to:

• the minimum amount
• the maximum amount
• a specific annual amount (within maximum and minimum requirements).

Any changes to pension payments should be made online before the start of the month for it to be effective for that month. 

Indexation 

You’ll be able to adjust indexation to apply at the start of the next financial year. You’ll have the opportunity to make this adjustment before the pension escalation process. You can adjust the indexation to:

• the minimum
• the maximum (if in Transition to Retirement)
• none – the pension will remain as the larger of, the current figure or the minimum pension amount
• CPI – the pension will increase by CPI
• a percentage – the pension will increase by the entered percentage.

Payment frequency

You can also change the frequency of pension payments at this time. Pension payments are paid so they are received in your client’s bank account on or around the 15th day of the month. They can be paid:

• monthly
• quarterly
• half-yearly
• yearly. 

Fortnightly pension payments can also be paid from the date the first payment is set up.