When will a product conversion happen?
After you submit a conversion application using the product conversion tool in Adviser Online, it will display as completed or resolved. This confirms that you have successfully submitted your conversion request. This isn’t a confirmation of a conversion. New product conversions will occur at the end of the month. You’ll notice from the changed product names that the conversion has successfully taken place.
Conversions usually occur on the first business day of the month following an application. We must receive a completed conversion application at least three business days before the end of the month for it to come into effect the first business day of the following month.
How can I see if my client’s account has been successfully converted?
Once an account has been converted, the changes will be reflected online. You and your clients will be able to see from the updated product names and codes that the product conversion has occurred. The codes are:
- IL - Investment Consolidator II – Engage
- ID - Investment Consolidator II – Elevate
- SL / PL - Super and Pension Consolidator II – Engage
- SD / PD - Super and Pension Consolidator II – Elevate
- IN - Investment Manager II
- SN / AN - Super and Pension Manager II
We’ll only notify you if the account conversion fails (see below).
What if a product conversion fails?
There are some circumstances where an account conversion can’t be completed. When this happens, we will notify you (but not your client) by email and it will be automatically picked up and the conversion will be attempted the following month.
Some of the reasons your client’s product conversion may fail include:
- Unprocessed disbursement requests – Dividends or interest adjustment/accruals that haven’t been lodged during the transition run time.
- Unsettled cash transactions – Dividends or interest adjustment/accruals that have not lodged during the transition run time
- Transactions on or after the transition effective date – Equity/Managed funds buy/sell orders that have not lodged during the transition run time
- Ineligible assets – The account being converted holds assets that aren’t eligible with the intended account’s Investment Menu. Any ineligible assets must be transferred to an eligible SMA or sold down before a conversion can occur
- Outstanding pension payment – Pension payments have not yet been met or not enough cash for next run date
- Mismatched portfolio pricing – A portfolio exists where the latest available price on the old product does not match the latest available price on the new product
- Closed account – Your client’s account has been closed after transition loaded.
- Outstanding insurance premiums – Requires account to be placed on premium holiday
Can you convert a Macquarie Accumulator account to Macquarie Manager II or Consolidator II?
No, Accumulator accounts can’t be converted like existing Manager or Consolidator accounts can.
What happens to linked insurance policies on conversion?
As the account details – such as the account number –are retained, the linked insurance will automatically carry over to Consolidator II and Manager II products.
If you want to convert your clients from Super Accumulator to the new product, a new account will need to be opened for the client. To maintain the insurance linked to the Super Accumulator account, the new account number needs to be provided to the insurer to ensure premiums are deducted correctly.
For insurance provider-initiated rollovers, you may have to provide your insurance provider with the new Unique Super Identifier (USI) for the latest Macquarie products. See more about USIs here.
Will converting a pension account initiate a pension commutation?
The conversion of a pension account won’t initiate a pension commutation. Your client’s existing pension payment details will continue to be paid on their new pension account.
Can you convert a Macquarie Manager account to a Macquarie Consolidator account?
No, you can’t convert from a Macquarie Manager account to a Macquarie Consolidator account as these products are closed to new accounts. You can convert from an existing Macquarie Manager account to a Macquarie Consolidator II or Macquarie Manager II account.
Can a Macquarie Manager or Macquarie Consolidator account move from super to pension phase without changing products?
No, the previous Consolidator/Manager products are closed to new accounts. This means that your client must open a pension in Consolidator II or Manager II if they want to move from super to pension phase.