Significant Event Notice: Change of Capital Guaranteed Super and Pension administration platform
This Significant Event Notice (Notice) is in relation to Capital Guaranteed Super and Pension accounts. This Notice has been prepared by the issuer of the Capital Guaranteed Super and Pension ABN 48 087 649 741, Issue by Australian Military Bank, ABN 48 087 649 741, AFSL 237 988 ( we, us, our). Please read this Notice carefully to understand the effects of the changes outlined.
We are pleased to announce that effective 28 October 2024 members accounts that are currently administered via an online service known as MySuperSolution will migrate to Bluedoor, our new superannuation registry service.
What impact does the change have on me?
Will I be issued with a new member number?
Your member number will remain the same, but in Bluedoor it is referred to as your “Account Number” or “Account ID”. You will also be issued with a Client ID, which is used when you login to Bluedoor. On 04 November 2024 we will send you an email (or letter if applicable) welcoming you to Bluedoor which will contain your new Client ID.
What, if any, transaction freeze period will apply?
A freeze period will commence from 5:00pm, 21 October 2024 and end 5:00pm, 4 November 2024.
The following transactions cannot be processed during the freeze period.
- Contributions, rollovers in, rollovers out and withdrawals (including pension payments)
- Investment option changes.
Whilst we will continue to accept these transactions during the specified period, please be aware that these transactions will not be processed until the freeze period ends. Processing of all the above transactions is expected to resume on 4 November 2024. If you wish to request any of these transactions, it is recommended that you do so before 5:00pm on 21 October 2024. Otherwise, you will need to wait until after 4 November 2024 before these transactions will be processed.
During the freeze period, besides transactions, what other processes are affected?
Any account instructions we receive during the freeze period, including but not limited to altering member details, nominating a new financial adviser, and changing direct debit details will not be processed until the freeze period ends. If you wish to request any of these instructions, it is recommended that you do so before 5:00pm on 21 October 2024. Otherwise, you will need to wait until after 4 November 2024 before these instructions will be processed.
Why is there a transaction freeze period?
It is crucial to execute the migration of accounts to Bluedoor in a deliberate and well-coordinated approach. The process involves a considerable amount of data that requires reconciliation and verification to ensure a seamless service to members and data integrity in the long run. To achieve an accurate and complete transfer of records, a transaction freeze period is necessary.
We appreciate that the inability to carry out specific transactions is an inconvenience, and we have tried to keep the freeze period as brief as possible.
How does the transaction freeze period impact my employer contributions?
We will continue to accept employer contributions during the freeze period. Please be aware that any contributions received during the freeze period will not be allocated to your account or invested until the freeze period ends.
How does this migration impact my direct debit arrangement to make contributions?
During the freeze period, any existing direct debits for contributions will be temporarily paused but will resume on 4 November 2024. Contributions will continue to be made on the same schedule as before migration once the freeze period ends.
Do I need to inform my employer of anything specified in this Notice?
You do not need to notify your employer. Your employer can continue to make contributions up until and after the migration. As noted earlier, any contributions received during the freeze period will not be allocated to your account or invested as per your investment strategy until the freeze period ends.
When will the migration take place?
It is expected that the transition to Bluedoor will take place on [Migration Date]. A schedule of important events related to the migration is provided below:
| Key Event | Date |
|---|---|
| Notice Issues to Members | 21 September 2024 |
| First day to transact on your account | 20 October 2024 |
| Transaction freeze period starts | 21 October 2024 |
| Transaction freeze period ends | 04 November 2024 |
| Migration date | 28 October 2024 |
| Welcome email | 04 November 2024 |
These dates may be subject to change, in the event of any significant delays, you will be notified of any updated timings.
Do I need to take any action?
You should take the following action:
- Read this Notice in its entirety to understand the impacts of the migration and transaction freeze period on your account.
- Ensure your contact details are up to date.
What do I need to do if I intend to close my account before migration?
If you intend to close your account before migration occurs, you have two options available:
- Transfer your entire account balance to a different superannuation fund.
- Request a full withdrawal of your account balance, provided you meet a condition of release.
To proceed with either of these options, please complete a benefit payment request form and submit it to us by 21 October 2024. If we do not receive your request by this date, we will process your request after your account is migrated to Bluedoor. You can find a copy of this form on our website www.australianmilitarybank.com.au.
Once we receive and process your withdrawal request, you will be issued an exit statement from the Fund.
How can I find out more information?
Further information can be obtained by contacting us on 1300 13 23 28 or by email at super@australianmilitarybank.com.au.
Additionally, please be advised that whilst members cannot opt out of the migration to Bluedoor, they retain the option to exercise their choice of super fund. If you wish to explore this option, you can transfer your entire account balance to a super fund of your choice.
You should consider obtaining professional financial advice tailored to your personal circumstances before making decisions regarding your superannuation.
This Notice has been prepared by the Issuer of Capital Guaranteed Super and Pension, ABN: 48 087 649 741 (Fund), Australian Military Bank ABN: 48 087 649 741. AFSL 237 988. The information in this Notice is as of 21 September 2024. The Issuer is unable to provide you with financial advice and this Notice should not be construed as providing such advice. This communication has been prepared without taking into account your personal objectives, financial situation or needs. The Trustee recommends that you consider the relevant Product Disclosure Statement available via www.australianmilitarybank.com.au and obtain financial advice from a suitably qualified and licensed financial adviser before you make any decision regarding your superannuation. Australian Military Bank is unable to guarantee that there will be no further changes to your superannuation.