Understanding Rollovers

On behalf of your client, you can initiate a rollover from an external superannuation fund into your clients Perpetual Private Super Wrap account in Adviser Online You must have full or limited transact authority to initiate this request.

1. Log in to Adviser Online
2. Search for the client’s account using the global search bar
3. Select Account details
4. From the Account summary tile, click Rollover from external account
5. Enter the Unique Superannuation Identifier (USI) of the APRA find and select Search. The details of the APRA fund will be populated.
6. Enter the client’s account/policy/membership number
7. Select if the rollover is for the entire balance or a partial amount
8. If rolling over a partial amount, enter the rollover amount
9. Select Review
10. Confirm rollover details then select Submit

• If you’re requesting to rollover the full balance, don’t cancel any existing insurance cover until a replacement application for insurance has been assessed and accepted by the insurer (if applicable). If you don’t want your client’s current insurance cover cancelled, don’t complete this request, or alternatively request a partial rollover.
• If you’re requesting to rollover the full balance, you should consider your client’s existing employer contribution arrangements and make any required changes.
• If you need to request an in-specie transfer of assets, you should complete that request before commencing a full balance cash rollover.
• Rolling over your client’s super benefit to the Platform may limit their ability to lodge or vary a deduction notice with the external fund.
• Once approved by the client, this request cannot be cancelled by us. Your client will need to contact their external fund and ask them to reject the rollover request.

Rollovers initiated in Adviser Online will require authorisation by your client via the Macquarie Authenticator app. Your client will receive a notification from the app with the rollover details when you submit the request. They can approve or deny the request directly from the app.

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

Some requests won’t be able to be submitted through Adviser Online. See Requests that can’t be completed digitally for a list of scenarios preventing you from initiating a digital request.

In addition to these scenarios, you will be unable to initiate a rollover in Adviser Online for the following:

• Pension accounts. We will require a pension update request form to initiate a rollover for a pension account. See Completing a pension update for more information.
• Temporary super accounts created to receive rollovers or contributions as part of a pension update
• Rolling over from another super account within the same fund or an SMSF
• Accounts with a closure in progress

Once you have submitted an external rollover request, you can view the status and progress in Request Centre.

• Awaiting client approval: your client has not approved the request
• In progress: request has been approved by your client and is being processed
• Cancelled: request has been cancelled and not processed
• Completed: the request has been sent to the external fund for them to process the rollover

See Adviser Initiated Payments for super.

You can request a rollover into your client’s Perpetual Private Pension Wrap account using the Pension update request form. You can find this form on Adviser Tools.

See Completing a pension update for more information.

From 1 October 2021 to rollover super to or from your SMSF, you’ll need to use SuperStream. To use SuperStream, your SMSF needs an active Electronic Service Address (ESA). We don’t offer an electronic message service that provides rollover SuperStream services. You can get an ESA from an external SMSF messaging provider, or alternatively, you may like to consider appointing a professional to help you manage SuperStream rollovers on your behalf. 

Once you’ve engaged the ESA provider to send through the SuperStream message, they should also provide you with the account details of the receiving fund to arrange the transfer of cash. If your client doesn’t have a Perpetual superannuation or pension account, you'll need to complete an application. You can do this by submitting an online application. 

If you’re rolling over funds into an existing pension account, you’ll also need to provide a dated and signed Pension update request form. You can find this form on Adviser Tools.

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 all supporting documents before submitting.

You can view the status and progress of your request in Request Centre.

Your submitted requests may also be subject to our verification processes.

Processing times for rollovers out of Perpetual

• For requests to roll cash out of a super or pension account, please ensure there is sufficient cash available in the account (above the product minimum) prior to submitting the request.
• As these payments are made via SuperStream, they’re generally received by the external super fund within 3 business days.

Processing times for rollovers into Perpetual

The request may take up to 30 days, depending on the external superannuation fund.

• Where rollover details are provided on the online application or digitally in Adviser Online, we'll automatically send the rollover request via SuperStream.
• Any questions relating to the progress of the rollover should be directed to the external fund.
• Rollovers from an external fund may take up to 30 days to be received. If successful, rollover proceeds will appear in the Perpetual Cash Account.
• Rollover requests require us to liaise with third parties and other platforms. 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.

Why is the status of the rollover complete but funds have not yet been received?

The status of the rollover request will move to complete once we have sent the rollover request to the external super fund. Before sending us the funds via SuperStream, the external super fund may require additional information. We are unable to contact the fund on your behalf so please contact them to confirm if anything further is required.

We will notify you in Request Centre under a new request if your rollover request has been rejected. You will need to contact the fund to confirm the reason for the rejection.