Buying and selling investments
Buying and selling (switching) managed investments
Your adviser will switch (buy or sell) managed investments online. The proceeds cannot be used to process a withdrawal until settlement occurs and the money is cleared in your Cash Account. Please refer to the PDS for each managed investment for the redemption turn around times.
The minimum amount that can be switched between managed investments is $1,000. If you give us an instruction to switch an amount that will result in less than $5,000 remaining invested in a particular managed investment (except your Cash Account), we may process that instruction as a full redemption from that managed investment.
Switching pension investments (Pension Division only)
Switching between managed investment options can occur at any time, unless there are insufficient investments in your account to cover the next pension payment. When a switch is requested, your adviser may be required to amend the amount being switched or change the pension drawdown options.
Up until 1 July 2009, during the pension payment period (usually the 3rd to the 10th of the month), certain restrictions apply when selling managed investments. Refer to your adviser for details.
If transacting on your account affects the investments from which your pension may be drawn, your adviser will modify your drawdown preferences online. This functionality will not be available from 1 July 2009, instead pension payments will be paid only from your Cash Account.
Buying and selling approved ASX listed securities
Your adviser may buy and sell approved ASX listed securities online via Macquarie Equities Limited.
Online orders placed 'at market' may only be partially filled at the prevailing market price at the time the order is placed. Macquarie Equities Limited will use its best endeavours to complete partially filled orders, however where an order cannot be completed, we will contact your adviser to make any necessary amendments to the initial 'at market' order. In the event that part of an order is filled prior to its amendment or cancellation, you will be liable to settle that partially filled order.
Offline trading is available through a nominated broker from our authorised broker list, available from your adviser. Choose an authorised broker and nominate them on the application form. If you wish to change or nominate a new broker, you should contact your adviser.
Contract notes are not provided for approved ASX listed securities transactions.
Term deposits
Your adviser will make applications for managed investments online. The minimum term deposit application is $10,000. On maturity of the term deposit, the amount invested (your principal) and interest earned will be credited into your Cash Account. The time it will take for these funds to be available in your Cash Account will depend on when we receive the funds from the term deposit issuer and the time it takes for the proceeds to be cleared in your Cash Account. Please refer to the offer document for the particular term deposit for further details. Interest on term deposits can be .
- paid upon maturity into your Cash Account; or
- through your adviser, along with the principal, reinvested into another term deposit
Rolling over a term deposit
Through your adviser, you may elect to roll over the term deposit to a new term deposit. You can roll over either the principal or the principal plus any interest earned on the maturing term deposit.
Importantly, where you wish to roll over the term deposit, the proceeds from the maturing term deposit are firstly credited to your Cash Account and then invested in the next available term deposit. We recommend you or your adviser check your Cash Account balance prior to maturity of the term deposit to ensure that you do not fall below your minimum available cash balance of $2500 (which could occur, for example, if any fees were deducted from the Cash Account at the point the term deposit proceeds were credited to the Cash Account, prior to the term deposit rolling). If your Cash Account balance falls below this balance, or if processing the roll over will bring the available Cash Account balance below the minimum, the roll over will not proceed and the funds will remain in the Cash Account and a transaction fee for the redemption of the term deposit will apply if you have exceeded your 30 free transactions for the financial year. For further information on transaction fees, refer to Part A of The Avenue Retirement Service PDS.
Your adviser is able to update your roll over instructions one business day prior to maturity (up until 5pm Sydney time)
Part A of the Avenue Retirement Service PDS