Transfer to ClearView WealthFoundations

Important changes to your account

Intra-fund transfer to ClearView WealthFoundations
The trustee has conducted a review of the ClearView Superannuation and Roll-overs (ClearView Super) and the ClearView Pension Plan (ClearView Pension) and determined the transfer to ClearView WealthFoundations (WealthFoundations) will deliver better value and outcomes to members as a result of the transfer to a contemporary product with lower ongoing fees and costs. 

How this change affects you
On Thursday 19 May 2022 you will become a member of WealthFoundations and no longer be a member of ClearView Super and/or ClearView Pension. You do not need to take any action. This transfer will happen automatically. 

The balance of your ClearView Super and/or Pension Plan account will be transferred in full to a WealthFoundations account(s) in your name. For example, if your balance was $50,000 when the transfer occurs, a WealthFoundations account will be set up for you with an opening balance of $50,000.

Your member number will remain the same, however the alpa prefix 'TSUP' or 'TPEN' will change to 'CSUP' or 'CPEN'. For example, if your account number was previously TSUP999999, your new account number will be CSUP999999. This information will be confirmed in the Welcome Pack sent to you from 30 May 2022.

There will be some changes as outlined in a Significant Event Notice (SEN) sent to you in April.   Please also check our FAQ website pages for more details.

Temporary interruption to services
It’s necessary to put in place a Limited Service Period from Friday 13 May to Monday 30 May 2022 whilst we undertake the transfer to WealthFoundations. If you need to transact before 30 May 2022, please ensure we have received your instructions online, by email, over the phone or by post before 5pm Friday 13 May 2022.
 
Transaction instructions received during this Limited Service Period will be processed from Monday 30 May 2022.

Access to your account online
You can access your account through the ClearView Portal. If you haven’t yet registered for online access to your account, please contact the Service Centre who can assist you. Note, access to your online account will be unavailable from Saturday 14 May 2022 with access resuming from Monday 30 May 2022.

How an intra-fund transfer works
An intra-fund transfer occurs when accounts within the same super fund are transferred. ClearView Super, ClearView Pension and WealthFoundations are all products within the ClearView Retirement Plan (CRP), so while your account is being transferred to a new product, you will still be invested in the same fund.

An intra-fund transfer can only occur if strict legal requirements are met, such as that you are provided with equivalent rights in WealthFoundations (although not necessarily identical) to those you had in ClearView Super and/or ClearView Pension. 

Will a buy-sell spread be charged for the transfer to WealthFoundations?
No a buy-sell spread will not be charged for the transfer to WealthFoundations. Note, following the transfer to WealthFoundations you will incur a buy-sell spread when you invest in, withdraw from, or switch in or out of an investment option.

Access to financial advice
If you don’t have an existing relationship with a financial adviser and would like to discuss this transfer and the changes to your investment options, please contact us on 132 977 and we can assist you.

We're here to help you
We’re committed to providing you with great service and that means we’re always ready to help. If you have any questions about these changes, please contact your financial adviser, their contact details were listed on the notice sent to you in April. Alternatively, please call us anytime between  8am-6pm, Monday-Friday, AEST on 132 977, or email us at client.wealth@clearview.com.au and we'd be happy to help.

FAQ Superannuation and Roll-overs

How does this change affect me?
You will become a member of WealthFoundations Super and no longer be a member of ClearView Super. The following details will transfer automatically:
  • Your personal details, bank account details, preservation and tax components and beneficiary nomination(s).
  • Your ClearView Portal details will remain the same.
There will be some changes as outlined in the ClearView Superannuation and Roll-overs Significant Event Notice (SEN) sent to you in April 2022. 

What do I need to do?
You do not need to take any action. This transfer will happen automatically. If you make regular contributions to your super by BPAY or through your employer please take note of the following:
  • If you make contributions by BPAY new BPAY reference numbers will be issued (the Biller Code 52209 will remain the same). You can login to the ClearView Portal to get these details from 30 May 2022, the reference numbers will also be posted in a Welcome Pack in early June 2022.
  • If your employer makes contributions to your account they will need the WealthFoundations Unique Superannuation Identifier (USI) and your new account number. You can login to the ClearView Portal to get these details from 30 May 2022, the USI will also be included in your Welcome Pack.
What will happen with my investment options?
ClearView Super currently offers eleven investment options and many share similarities in investment profile and objectives. When your money is transferred, it will be invested into one of 5 investment options in WealthFoundations, depending on your existing investment option choice. Please read the SEN for more details.

Why have we reduced the number of investment options from eleven to five?
Many of the investment options were very similar and combining options allows us to reduce the overall cost and pass these savings onto our members through the reduction in ongoing fees and costs.
 
Why have most of the investment options had a reduction in growth assets rather than an increase?
The allocation to growth and defensive assets impacts the level of risk and the potential return of an investment option. Generally, the lower the allocation to growth assets, the lower the risk and potential return and conversely, the higher the allocation to growth assets, the higher the risk and potential return.
 
Following a review of the existing investment options to improve investment outcomes, we designed four new investment options which aligned to four key risk/return profiles (Caution 30, Prudent 50, Assertive 70 and Aggressive 95*). We then mapped each existing investment option to the new investment option which most closely aligned to the target growth and defensive asset allocations. Where an option sat in the middle and could be mapped to either a higher or lower risk profile, we chose to decrease rather than to increase the risk profile.
 
*The number following the name is the allocation to growth assets, the higher the number the higher the risk profile.
 
Why was the Australian Shares Growth investment option changed to Aggressive 95?
Currently, the Australian Shares Growth investment option invests into only one growth asset class which is 100% Australian Shares. To provide better diversification, this investment option is being restructured to invest into multiple growth assets such as Australian and international shares, property and infrastructure.

What happens if I want to transact during the Limited Service Period?
The Limited Service Period applies from Friday 13 May to Monday 30 May 2022. Please ensure we have received your instructions online, by email, over the phone or by post before 5pm Friday 13 May 2022. Any transaction instructions received during this Limited Service Period will be processed from Monday 30 May 2022. 

What happens to my regular transaction facilities during the Limited Service Period?
There will be some interruption to regular transaction facilities as outlined in the table below.
  
Facility Changes during the Limited Service Period Following the transfer to WealthFoundations
Regular Contributions via direct debit Contributions will be processed as normal up until 5pm Tuesday 17 May 2022, contributions due between 18 to 27 May will be processed on Monday 30 May 2022. Contributions  processed as normal from Monday 30 May 2022.
Contributions via BPAY Contributions will be processed as normal up until Friday 13 May 2022, contributions received between Monday 16 May to Friday 27 May will be processed from Monday 30 May 2022. BPAY Biller Code 52209 is unchanged, new BPAY reference numbers will be sent in a Welcome Pack in early June 2022. You can also login to the ClearView Portal for these details.
Insurance premiums Insurance premiums are deducted on the 1st of each month. The premium deduction for 1 May 2022 will be processed as normal prior to the transfer. The first premium deduction in your new account will be 1 June 2022. Note, there are no changes to your existing insurance cover as a result of the transfer.
SuperStream
contributions and
rollovers
Super contributions made by your employer or rollovers received via SuperStream will continue to be processed in your ClearView Super account up until Wednesday 18 May 2022. Any SuperStream transactions received after this date will continue to be accepted and will be processed from Monday 30 May 2022 and invested in your new WealthFoundations account. ​Following the transfer, you will receive your Welcome Pack which will include the WealthFoundations Unique Superannuation Identifier (USI) and your new account number. You will need to give these new details to your employer if you are having super contributions paid into your account.
Access to the ClearView Portal Access to your ClearView Portal account will be unavailable from Saturday 14 May 2022 with access resuming from Monday 30 May 2022. Access will resume from Monday 30 May 2022.













I am happy with ClearView Super, why do I have to transfer to WealthFoundations?
The transfer to WealthFoundations will deliver better value and outcomes to members because WealthFoundations is a contemporary product with lower ongoing fees and costs and a wider range of features and benefits will be available to you.
 
What if I made a personal contribution to my account during the 2020/21 or 2021/22 financial years?
Generally, if you have made a personal contribution to your account and intend to claim a tax deduction on the contribution or update a previous notice made, you are required to provide a Notice of intent to claim or vary a tax deduction form. This notice must be provided within the timeframe set out below.
 
You must give your notice (or variation) by whichever of the following dates occurs first:
  • the day you lodge your income tax return for the income year in which the contribution was made, or
  • the end of the income year following the income year in which the contribution was made.
For personal contributions made during the 2020/21 financial year, the last date you can give your notice (or variation) is 30 June 2022 (subject to the day you lodge your 2020/21 income tax return). If you haven’t yet provided your notice for this financial year, you will receive a reminder notice in early May. To confirm the status of your notice or to request a notice for this financial year, please contact the Service Centre.

If you have made personal contributions in the current financial year including up until 30 June 2022, you will be able to give your notice (or variation) until 30 June 2023 (subject to the day you lodge your 2021/22 income tax return. Note, to assist you with your notice, you will receive a notice in an approved form with some pre-filled information and step-by-step instructions on how to complete the form in July 2022.

For more information on claiming personal contributions as a tax deduction, please speak to your financial adviser or accountant.

How do I access my account?
You can access your account through the ClearView Portal. If you haven’t yet registered for online access to your account, please contact the Service Centre who can assist you. Note, access to your online account will be unavailable from Saturday 14 May 2022 with access resuming from Monday 30 May 2022.

Access to financial advice
If you don’t have an existing relationship with a financial adviser and would like to discuss this transfer and the changes to your investment options, please contact us on 132 977 and we can assist you.

We’re here to help you
We’re committed to providing you with great service and that means we’re always ready to help. If you have any questions about these changes, please contact your financial adviser, their contact details were listed on the notice sent to you in April. Alternatively, please call us anytime between  8am-6pm, Monday to Friday, AEST on 132 977, or email us at client.wealth@clearview.com.au and we'd be happy to help.

FAQ Pension Plan

What do I need to do?
You do not need to take any action. This transfer will happen automatically. Your pension payments will not be affected and will continue to be paid as usual.

Pension payments due 15 May 2022 will be processed Wednesday 11 May 2022 and will be in your bank or credit union account by Friday 13 May 2022.

How does this change affect me?
You will become a member of WealthFoundations Pension and no longer be a member of ClearView Pension. The following details will transfer automatically:
  • Your personal details, bank account details, tax components and beneficiary nomination(s).
  • Your ClearView Portal details will remain the same.
There will be some changes as outlined in the ClearView Pension Significant Event Notice (SEN) sent to you in April 2022. 

What happens if I want to transact during the Limited Service Period?
The Limited Service Period applies from Friday 13 May to Monday 30 May 2022. Please ensure we have received your instructions online, by email, over the phone or by post before 5pm Friday 13 May 2022. Any transaction instructions received during this Limited Service Period will be processed from Monday 30 May 2022. 

What will happen with my investment options?
ClearView Pension currently offers twelve investment options and many share similarities in investment profile and objectives. When your money is transferred, it will be invested into one of 5 investment options in WealthFoundations, depending on your existing investment option choice. Please read the SEN for more details.

Why have we reduced the number of investment options from twelve to five?
Many of the investment options were very similar and combining options allows us to reduce the overall cost and pass these savings onto our members through the reduction in ongoing fees and costs.
 
Why have most of the investment options had a reduction in growth assets rather than an increase?
The allocation to growth and defensive assets impacts the level of risk and the potential return of an investment option. Generally, the lower the allocation to growth assets, the lower the risk and potential return and conversely, the higher the allocation to growth assets, the higher the risk and potential return.
 
Following a review of the existing investment options to improve investment outcomes, we designed four new investment options which aligned to four key risk/return profiles (Caution 30, Prudent 50, Assertive 70 and Aggressive 95*). We then mapped each existing investment option to the new investment option which most closely aligned to the target growth and defensive asset allocations. Where an option sat in the middle and could be mapped to either a higher or lower risk profile, we chose to decrease rather than to increase the risk profile.
 
*The number following the name is the allocation to growth assets, the higher the number the higher the risk profile.
 
Why was the Australian Shares Growth investment option changed to Aggressive 95?
Currently, the Australian Shares Growth investment option invests into only one growth asset class which is 100% Australian Shares. To provide better diversification, this investment option is being restructured to invest into multiple growth assets such as Australian and international shares, property and infrastructure.
 
I am happy with ClearView Pension, why do I have to transfer to WealthFoundations?
The transfer to WealthFoundations will deliver better value and outcomes to members because WealthFoundations is a contemporary product with lower ongoing fees and costs and a wider range of features and benefits will be available to you.
 
How do I access my account?
You can access your account through the ClearView Portal. If you haven’t yet registered for online access to your account, please contact the Service Centre who can assist you. Note, access to your online account will be unavailable from Saturday 14 May 2022 with access resuming from Monday 30 May 2022.

Access to financial advice
If you don’t have an existing relationship with a financial adviser and would like to discuss this transfer and the changes to your investment options, please contact us on 132 977 and we can assist you.

We're here to help you
We’re committed to providing you with great service and that means we’re always ready to help. If you have any questions about these changes, please contact your financial adviser, their contact details were listed on the notice sent to you in April. Alternatively, please call us anytime between  8am-6pm, Monday-Friday, AEST on 132 977, or email us at client.wealth@clearview.com.au and we'd be happy to help.