Close a Super or Pension account

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).

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.
 

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 .

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:

• Account number with us
• Product name
• ABN, Unique Superannuation Identifier (USI), and SFN

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.