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How to guide Set up and maintain a My Retirement pension payment option
What’s inside the guide?
This document is for advisers, paraplanners and support staff. It runs through how to set up and maintain a
MyRetirement payment option (My Retirement Payment or My Retirement – specified amount) within a new or
existing MyNorth allocated pension account.
Contents
Key things to keep in mind .................................................................................................... 2
How to set up a My Retirement pension payment option in a new account .......................... 4
How to set up a My Retirement pension payment option in an existing account .................. 6
How to switch off a My Retirement pension payment option ............................................... 11
Useful icons:
Notes remind you about specific product or
system rules, tell you when we require essential
data, and will help you avoid any ‘pain points’
Tips are helpful shortcuts, clever ideas and
hidden features which can help you move through the process faster
Fast Forward indicates you may be able to skip a
section if it does not relate to the transaction you are attempting to perform
Want more? This icon refers you to a related
‘How to’guide which can help you with a
different process or topic
Need further assistance?
– Refer to the other support documentation available within North Online, including a range of activity focused How-To-
Guides: Support > Training guides.
– Contact the North Service Centre on 1800 667 841, or email at [email protected]
– Contact your dedicated Business Development Manager (BDM) for further assistance. BDMs can help you with North
product and platform information, or practice management solutions tailored for your business.
– Webinars – North online training is presented by the Digital Engagement Team in a series of fortnightly interactive
webinars. Links to register for webinars can be located in the North Calendar of Events page or via Portal under:
Forms and Tools > Portal help > Webinars.
Version 1.2 Issue Date: 10 December 2016
Key things to keep in mind
The My Retirement payment feature is available within MyNorth allocated pension accounts. There are two unique
payment options for you to choose from:
MyNorth allocated pension accounts that have a My Retirement payment option enabled are subject to the
following product rules:
1. The account can only be invested in a combination of cash and/or the MyNorth Retirement Fund.
2. The account cannot have a Guarantee.
3. The account has restricted transaction capability:
Can be done online (account level) Cannot be done online (account level)
View account level information. × Change standing investment instruction.
Set the frequency and date of a pension payment. × Change the pension amount (My Retirement Payment only).
Update account level details e.g. mailing address. × Complete an investment switch.
Add or remove a beneficiary. × Add a Term Deposit.
Review and update adviser remuneration. × Complete an ad hoc withdrawal or rollover.
Update bank account details (client only). × Complete an account transfer.
Remove insurance (if applicable). × Complete a pension recast.
Create an account snapshot report (via Account summary). × Complete an Inspecie out request.
Generate capital gains reports. × Assign the account to a Model.
My Retirement Payment (MRP): We will pay the calculated
pension payment directly into your client’s nominated bank account based on the frequency selected. You can change the frequency of pension payments at any time.
.
My Retirement - specified amount (MRSA): You specify
the pension amount your client would like to receive and the
frequency of their payments. These can be changed at any
time. The My Retirement Payment calculated amount is
available for reference.
Tip: The Transact menu is hidden from view on accounts with either of these payment options enabled. If
your client needs to transact (e.g. complete an ad hoc withdrawal) please contact the North Service Centre
on 1800 667 841 for assistance.
Version 1.2 Issue Date: 10 December 2016
4. If you select My Retirement Payment or My Retirement - specified amount, we’ll manage all your investment
instructions on your behalf, as per below:
Investment instruction Default
Minimum cash balance $ $0.00
Target cash balance % 5%
Managed funds trade minimum $0.00
Automatic buy instruction Invest as per buy profile
Automatic sell instruction Invest as per sell profile
Automatic buy profile 100% MyNorth Retirement Fund
Automatic sell profile 100% MyNorth Retirement Fund
Automatic rebalance profile 100% MyNorth Retirement Fund
Note: Minimum cash balance will be set to $0.00 along with the target cash percentage at 5.00%. These
cash settings will be recalculated on commencement of the pension once all funds are received (new
accounts) or on submission of a change of pension details request (existing accounts). Automatic rebalance
instruction, Share trading account and Dollar cost averaging options will also be set to ‘No’.
Want more? For more background on the My Retirement payment features refer to:
MyNorth Pension – My Retirement features factsheet found in North Online under Support >
Marketing materials.
MyNorth Super and Pension Supplementary product disclosure statement – Part A found in
North Online under Product > Product disclosure statements.
MyNorth Pension – My Retirement features– Adviser FAQs found in Portal under Product >
Marketing > Retirement > MyNorth Pension - My Retirement features.
Version 1.2 Issue Date: 10 December 2016
How to set up a My Retirement pension payment option in a new account
You can choose a My Retirement payment option – My Retirement Payment or My Retirement – specified
amount – as part of the standard new pension account application process in North Online.
Key things to remember during the application process:
Note: My Retirement Payment and My Retirement – specified
amount payment options are only available in MyNorth Allocated
Pension accounts.
1. You must select a MyNorth Allocated Pension account if you want to
set up one of these two payment options.
2. These two payment options can be selected
within the Pension details section of the
new account application process.
3. If you select My Retirement Payment:
Amount and review options will be automatically
set to My Retirement Payment.
Payment amount will be automatically set to $0.00
until commencement of the pension and receipt of
all funds into the account.
You still need to manually select the frequency of
the pension payment and pension payment date
settings.
Tip: The MRP calculator can be used at any time to determine an estimate of the My Retirement Pension payment
amount. A link to the MRP calculator is available on North Online under Product > Calculators.
Version 1.2 Issue Date: 10 December 2016
4. If you select My Retirement – specified amount:
Amount and review options and Payment
amount fields will still need to be specified.
Please specify the pension payment timeframes.
Note: The target age must be
between the client’s current age
plus 5 years up to the age of
100.
5. You can elect the target age your client
would like to receive pension payments
to (it will default automatically to age 85).
Version 1.2 Issue Date: 10 December 2016
How to set up a My Retirement pension payment option in an existing account
If your client has an active MyNorth allocated pension account, you can select a My Retirement payment
option through the Pension details screen in North Online.
Before you update the payment option in North Online you will need to ensure that:
1. the account does not have an active Guarantee;
2. the account is fully invested in either Cash and/or the MyNorth Retirement Fund; and
3. there are no pending transactions in progress on any investment other than the MyNorth Retirement Fund.
Want more? For more detailed instructions on how to complete a new pension application refer to the How to
complete a pension application online How to Guide found under Support > Training guides.
Note: If the selected account does not already meet the above eligibility criteria you will need to terminate the
guarantee, sell ineligible investments and/or wait for pending transactions to complete before setting up the My
Retirement payment option.
6. Standing investment instructions will
auto-populate in line with the My Retirement
Payment standard settings and cannot be
changed.
Note: Minimum cash balance will be
set to $0.00 along with the target cash
percentage at 5.00%. These cash
settings will be recalculated on
commencement of the pension once
all funds are received.
Version 1.2 Issue Date: 10 December 2016
Step 1
Step 2
Step 3
Fast forward: If the client’s assets are
already aligned, please proceed to step 3
Want more? For instructions on how to
complete a switch please refer to the
‘How to switch investment’ guide.
Lastly, check there are no pending transactions
in progress on investments other than MyNorth
Retirement Fund.
If there are pending assets sales you will need to,
wait for these to finalise before proceeding.
Fast forward: If there are no pending
asset sales, please proceed to step 4
Second, check that the assets your client holds in
the account are in either Cash and/or MyNorth
Retirement Fund only. You can do this via the
Account Summary screen.
If the account holds other assets, you will need to
complete a Switch investments transaction to
sell out of these assets before proceeding.
First, check that the account does not have an
active guarantee in place via View > Guarantee
details.
If the account has a Guarantee, you will need to
terminate it before proceeding.
Fast forward: If the client’s account
does not have a guarantee in place,
please proceed to step 2.
Version 1.2 Issue Date: 10 December 2016
Step 4
Step 5
Step 6a – If you selected My Retirement Payment
Once the account has met the eligibility criteria, you are now ready to
select one of the My Retirement pension payment options.
From the account level ‘I want to’ menu select Manage > Pension
details.
Select the My Retirement option you want to set up
on the account.
Note: An inline warning message will
appear if the account does not meet the
eligibility criteria to set up the selected
payment option.
Amount and review options is automatically
set to My Retirement Payment.
Payment amount will be automatically set to $0
until the change request is submitted.
Select the payment frequency and payment
timeframes.
Note: The payment amount will default to $0.00 when My Retirement Payment is selected. Once the request
has been submitted the pension amount will be recalculated based on the client’s account value.
Version 1.2 Issue Date: 10 December 2016
Step 6b – If you selected My Retirement - specified amount
Step 6c - Electing the client’s target age
Tip: The MRP calculator can be used to determine an estimate of the My Retirement Pension payment. A link
to the MRP calculator is available on North Online under Product > Calculators.
Select one of the available amount and review
options e.g. Specified amount – no increase.
Select the payment frequency and payment
timeframes.
Specify the Payment amount (if applicable).
You can elect the target age your client
would like to receive pension payments to (it
will default automatically to age 85).
Note: The target age must be
between the client’s current age
plus 5 years up to the age of
100.
Version 1.2 Issue Date: 10 December 2016
Step 7
Step 8
Standing investment instructions will auto-
populate in line with My Retirement payment
standard settings.
Click Next to proceed to the Pre-submission
documentation page.
Once you have received a signed copy of the
relevant documentation you are able to submit.
Review the Action required boxes and Tick to
confirm.
Once all boxes have been ticked, click Submit.
Note: You will not be able to complete
these tick boxes until all outstanding
details have been completed and
client documentation generated.
Tip: Remember, North does not need
to receive the signed copy of the client
application declaration. Please file
this in your office.
Note: Minimum cash balance will be
set to $0.00 along with the target
cash percentage at 5.00%. These
cash settings will be recalculated on
submission of the change of pension
details request.
Note: The pension accounts existing
investment instructions will be
overridden with the standard settings
for a My Retirement payment option.
Version 1.2 Issue Date: 10 December 2016
How to switch off a My Retirement pension payment option
You can switch off a My Retirement payment option at any time, by selecting a different pension
payment option through the Pension details screen in North Online.
Step 1
Step 2
Step 3
Step 4
From the account level ‘I want to’ menu select Manage >
Pension details. Click on Edit.
Select one of the alternate payment options i.e.
Pension amount
Pension amount + income distributions
Income distributions only
Review and update the Amount and review option.
Review and update the remaining pension details
as required including Payment amount, Frequency
and Date settings.
Click Next.
Version 1.2 Issue Date: 10 December 2016
Step 5
Step 6
A system notification will appear
reminding you to review and update the
investment instructions when switching
off the My Retirement payment option.
Acknowledge the warning message
and click Next.
Review and update standing investment
instructions if required. Click Next.
Note: If required, you will need
to complete a once off
switch/rebalance request to align
your client’s assets as per their
new investment instructions,
once you have submitted the
request.
Version 1.2 Issue Date: 10 December 2016
Step 7
Once you have received a signed copy of the relevant documentation you are able to submit.
Review the Action required boxes and Tick to confirm.
Once all boxes have been ticked, click Submit.
Note: You will not be able to complete these tick boxes until all outstanding details have been completed and client documentation generated.
Tip: Remember, North does not need to receive the signed copy of the client application declaration. Please file this in your office.
Want more? For answers to Frequently Asked Questions about the My Retirement payment features
please refer to the MyNorth Pension – My Retirement features– Adviser FAQs found in Portal under
Product > Marketing > Retirement > MyNorth Pension - My Retirement features
