Request account closure

Your client can request to close an account at any time by:

  • Providing a signed superannuation Withdrawal/Rollover form available on Adviser Tools, or 
  • If the client holds a super account with another institution, initiate the closure request via the other institution (sometimes referred to as a Superstream instruction).

How long will this take?

Closing a super or pension account generally takes around five days; however, factors like selling assets can extend the closure timeframe. 

Processing times begin only when we’ve received all necessary requirements for a request. To avoid delays, please ensure all forms are completed, and supporting documents uploaded, before submitting.

 For information on how to avoid delays, please see Close a Wrap account.
 

Ensuring an account is ready to be closed

To ensure the account is ready to be closed and we can process the request, please review the following checklist: 

  • Sell any assets - Holdings must be sold and the proceeds cleared in the Cash Hub/Account. When selling the holdings, you should also take into consideration any purchases that may not have finalised as a result of an automated plan, term deposit maturities or corporate actions
  • Cease automated plans - Confirm all automated plans including automatic cash management, automatic rebalancing, dollar cost averaging and/or direct debits have been cancelled
  • Review the insurance with the client – have the client provide an election to cancel the insurance. If the client is taking out a new policy it’s important this is established before cancelling the old policy
  • Outstanding dividends and distributions - Check if all expected distributions and dividends have been received into the cash account, as this will delay a full closure of the account
  • Claim outstanding tax deductions - have the client claim deductions on personal contributions or vary any previous deductions by providing the Deduction Notice form available at Adviser Tools, as they won’t be able to complete this after the account is closed.
  • Consider outstanding corporate actions that may be on the account
  • Ensure your client has reached preservation age or met a condition of release.

You can check this information and complete the sell down of holdings via Adviser Online. You can see the Corporate Actions Calendar and find more information about upcoming actions .

Selldown of assets

All assets are required to be sold down before a super/pension account can be closed. 

If we receive a full rollover request and the account holds assets, to meet regulatory requirements, we’ll send the registered adviser an email on the day we receive the request, asking them to place the required sell orders. 

If no orders are placed within 24 hours, we’ll place the sell orders on the client’s behalf. Please note that for us to place these orders, the registered adviser on the account needs to be removed.  

For all other closure requests, if there’s no response or action from the adviser after two reminder emails, the client will be contacted. Permission will be sought from the client to remove the adviser and then we’ll sell down the assets at market value.

Instructions required to close an account

Withdrawal/Rollover form

If the client is providing the Super and Pension Withdrawal/Rollover form, this provides detailed instructions on all information we require under each section of the form. It’s important this form is completed in full for us to proceed with the request.  

Your client can also request we transfer as much of the cash balance as possible immediately if the account has outstanding settlements of funds, distributions, fees or illiquid investments.
 

Superstream request (initiated by the receiving super fund) 

If the client is initiating the closure request with another institution (which will usually be submitted electronically via Superstream), they’ll need the following information which is available via Adviser Online:

Please note: To ensure we can comply with Superannuation obligations, if we receive an instruction to close an account and the account is not ready to be closed, we may treat this as an instruction to also sell investments to cash, lapse any corporation actions, turn off any automatic investment management plans and cease any further premium payments for any insurance held, which may result in insurance being cancelled. 
 

SMSF Rollovers

To rollover to an SMSF you need to provide the following details related to the SMSF:

  • An electronic service address (ESA) providing SMSF rollover services
  • An Australian business number (ABN)
  • Up to date details, including your SMSF’s unique bank account for superannuation payments
  • For EFT payments please attach a bank statement or transaction history that is less than six months old for validation purposes (clearly including the BSB and account number, with the account name)
  • Confirm the above SMSF details with the ATO are up to date.

Closing your TAP account prior to the term end date

Closing your TAP account prior to the term end date

The Government has changed superannuation law to enable certain legacy retirement products to be commuted. The change, which applies to lifetime, life expectancy and market-linked pensions (also known as a term allocated pensions (TAPs)), provides individuals with the option to exit these products with effect from 7 December 2024.

Members who choose to commute their Term Allocated Pension account under this option can use the resulting capital to:

  • start an account based pension,
  • move to an accumulation account,
  • rollover to another superannuation fund, or
  • make a lump withdrawal from superannuation.

Note: those receiving a TAP as a result of the death of someone (usually their spouse) cannot retain the proceeds in an accumulation account.

To be eligible, the income stream must be commuted in full, and the commutation must be completed within a five-year period from 7 December 2024.

A TAP account can be closed by:

  • Providing a signed super and pension withdrawal/rollover form
  • Initiating a SuperStream rollover request via an external fund

Closing your TAP account at term end date

If your client’s TAP is due to end, they’ll receive a letter confirming the end date, and how the final pension payments will be calculated.

What you need to do if you are closing your client’s TAP or it is ending

If your client’s holdings are invested, you’ll need to sell down their assets to a cash account to fund future pension payments.

Please note, if a sell-down doesn’t happen before the account closure date, we may need to sell down your client’s holdings for you.

As part of the sell-down process, we may also need to temporarily remove you as an adviser from your client’s account. If we need to remove you from their account, you can contact us after the account is closed to reinstate your access.

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