How can I see my client's current payment details?

The Pension Details tile within the Account details page of Adviser Online 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. See Minimum Pension Payments for more information on this process.

How does my client add funds to their pension account?

Your client can add more funds into their pension account in a process called a Pension Update. This means the old pension is stopped, and a new pension will commence with the additional funds.

The account number and personal details, including transaction details and fees, will remain the same.

What are the requirements for a Pension Update?

To use the Pension Update option, your client must add a minimum of $500 to the new account. 

They can do this by making a:

  • contribution
  • rollover from another super fund, or
  • transfer from another account within the same fund.
Before you commence a Pension Update
  • A Pension Update may affect Centrelink income support recipients and Commonwealth Seniors Health Card holders, as any income test grandfathering will be lost.
  • There are Pension Update restrictions during the first week of July when we recalculate all pensions. We'll process the request once we’ve completed the recalculations.
  • A Pension Update can be used to convert a Transition to Retirement (TTR) pension to a standard pension. However, you can’t convert a standard pension to a TTR. You’ll need to open a new TTR pension account and request to switch the funds from the existing pension.
  • Any pension payment paid from the account before the update doesn’t count towards the minimum pension requirements of the newly started pension.

What instructions are needed to request a Pension Update?

To add funds to a pension account you will need to fill in a Pension Update Request form. To view forms and other guides and flyers, go to Adviser Tools.

What requirements need to be met for a Pension Update to be processed?

  • All funds being added to the account will need to be cleared. This takes approximately two business days once received.
  • Any investment transactions that are still in progress or placed while the update is in progress will need to settle – including buy, sell and switch transactions, dividend/distributions and any automated plans. Any pension payments and fee payments that are in progress will also need to be completed.
  • If your client hasn’t met their minimum pension requirements for that financial year, the pro-rata minimum payment will need to be paid.
  • A new minimum pension will need to be calculated, which will be pro-rated for the remainder of the financial year.

How long does a Pension Update take?

Depending on the specific scenario, it can take up to 15 business days for a Pension Update to take place. There are several steps that must be completed, and individual circumstances will affect the timeframe of each request, as outlined below:

Important information about processing times:

  • Processing times begin only when we’ve received all necessary requirements for a request. To avoid delays, please ensure you’ve completed all forms and uploaded supporting documents before submitting. 
  • Items received on non-business days, national public holidays or banking holidays will be processed the following business day.
  • Please refer to the important information and terms and conditions on the form for the request you’re submitting. Additional supporting documents may be required for some request types or circumstances.

Pension Update request with direct debit

Expected timeframes: 8-10 business days.

  • 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, the time it takes to finalise your account opening could increase. 

Pension Update request with Rollover Authority Form (Perpetual initiated rollovers only)

Expected timeframes: around 5 days, but up to 15 business days depending on the external platform.

  • Where you would like us to action a rollover on your behalf, please ensure you submit a Rollover Authority Form.
  • Rollover requests require us to liaise with third parties, like other platforms or registries. Third parties may have different cut-off and processing timeframes. Any delays in receiving the information required will impact the time it takes to complete a request.
  • SIS regulations require rollovers to be actioned within 3 days of receipt. If you can see online funds have not been received yet, it’s best to check with the other institution as they could require further information from the client.

Pension Update with asset transfer(s)

Expected timeframes for ASX-listed securities: 8 to 10 business days.

Expected timeframes for managed funds: 10 to 15 business days.

  • 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 account.

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Perpetual Private Wrap is the marketing name for the Perpetual Private Investment Wrap (Investment Wrap) an Investor Directed Portfolio Service (IDPS) operated by Perpetual Trustee Company Limited (PTCo), ABN 42 000 001 007, AFSL 236643, Perpetual Private Super Wrap (Super Wrap) and Perpetual Private Pension Wrap (Pension Wrap) that are part of the Perpetual Super Wrap (RSE R1074406),ABN 22 897 174 641) (the Fund), as superannuation fund established by way of a trust deed. The trustee of the Fund is Equity Trustees Superannuation Limited (ETSL) ABN 50 055 641 757, AFSL 229757, RSE L0001458. The Perpetual Cash Account is a wholesale deposit with Macquarie Bank Limited ABN 46 008 583 542, AFSL 237502. Perpetual Private advice and services are provided by PTCo. This information has been prepared by PTCo and contains general information only and is not intended to provide you with advice or take into account your objectives, financial situation or needs. You should consider the Investor Services Guide and Product Disclosure Statement as applicable, and whether the information is suitable for your circumstances, we recommend that you seek professional financial, tax and/or legal advice. BPAY is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.

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