Clients can close their Super Accelerator using the Superannuation Benefit Payment Form, which supports rollovers, full or partial cash withdrawals, and in-specie withdrawals. This guide covers the different scenarios and what other instructions and requirements are needed to finalise the closure.
As a client you can close your Super Accelerator using the ‘Superannuation Benefit Payment Form’.
The Superannuation Benefit Payment Form allows for the following benefit payments types:
- Rollover - you instruct Netwealth to redeem all of your investments and transfer funds to another superannuation fund. Note; a rollover can also be actioned by your new superannuation provider, who will then communicate to Netwealth and then we will facilitate the closure of your Netwealth account.
- Full cash withdrawal - you instruct Netwealth to redeem all of your investments and withdraw your benefits once the redemption proceeds are received. Note, you must meet a condition of release for Netwealth to make a full cash withdrawal.
- Full in-specie withdrawal - you instruct Netwealth to transfer all your investments and withdraw your cash benefits out of Netwealth. Note, you must either meet a condition of release or be transferring to another superannuation fund to action an in-specie transfer.
- Partial in-specie withdrawal - you instruct Netwealth to transfer certain nominated investments out of Netwealth. Note, you must either meet a condition of release or be transferring to another superannuation fund to action an in-specie transfer.
The actual time taken to complete a rollover or transfer of benefits from your Super Accelerator account to another superannuation provider or your nominated bank account will depend on when funds become available from the realisation of your investments.
If you request a lump sum withdrawal or instruct us to rollover your money, and you hold illiquid
investments in your account, it may take longer than 30 days to process your request. An investment is illiquid if it cannot be converted to cash within 30 days. Where an investment is illiquid, we will advise you when you request a withdrawal or rollover.
If you possess a Term Allocated Pension (TAP) in its last year, and there is any remaining balance in the account by June of that fiscal year, a final payment will be made to the client as an income stream disbursement, and their account will be officially closed. Additionally, if the TAP is in the final year of their term, we can process a request to fully close their account and transfer the residual balance to them before June of that financial year.
Closing an account with $0 balance
If your account has $0 balance and no remaining assets to be sold down, you may provide a written instruction to Netwealth.
Exit Statements
Both the account owner (client) and their nominated financial adviser will be notified via email when the account closure is finalised and provided an exit statement. Please note that there may be investments that need to be sold down that have limitations and therefore Netwealth must wait until the investments are liquidated to close the account.