Direct Investment Option - Terms and conditions
In making a request to transfer an existing legalsuper Direct Investment Option account (DIO account) to a new legalsuper Pension without that account being closed, you must agree to the following terms and conditions.
- All transfer requests must be made on a valid Pension application form submitted to commence a legalsuper Pension. Requests are not accepted in any other manner. Transfer requests cannot be made at an existing legalsuper Pension.
- For Pension applications that include a transfer request of a DIO account, the Purchase Price of the Pension includes the full value of all assets held by the DIO account on the date of transfer of the DIO account.
- Transfers only apply to a full transfer of all assets held in the DIO account. Partial transfers are not accepted. Multiple DIO accounts cannot be combined.
- Transfers are not accepted from (or to) other superannuation or pension funds and cannot be a transfer to another person.
- Transfer requests once made cannot be revoked.
- A failure of the transfer will result in the decline of the Pension application. Declined Pension application monies (other than the DIO account) will be held in the legalsuper fund bank account for a maximum 28 days to allow a new Pension application to be made. Monies held in the legalsuper bank account do not receive interest and interest earned is retained by legalsuper to cover operational expenses.
- On transfer, all: non-elected non mandatory corporate actions are forfeited; dividend reinvestment elections are revoked and if required, will need to be re-elected by the member; and term deposit maturity elections will carry forward.
- Applicants are responsible for ensuring that their transfer request meets the transfer eligibility rules on the day that the Pension application is made.
- Applicants agree not to issue any transaction instructions on their existing DIO account from the date the Pension application is signed until either the transfer is rejected or the transfer to the new Pension account is completed and confirmed in writing to the applicant.
- The commencement date of the Pension is the date of transfer of the DIO account assets.
- Applicants are responsible for applying for a new MemberAccess for their Pension membership once the Welcome letter is issued.
Other Important Information
Once a transfer request is submitted, access to the Direct Investment Option portal will be suspended for approximately 6 working days (NSW and Vic) while the transfer is completed. Once completed, access to the DIO account will be via MemberAccess for the new Pension membership number.
Following the commencement of the Pension and completion of the DIO account transfer, members who retain a legalsuper superannuation membership will be unable to open another Direct Investment Option account for that membership number. A new superannuation membership number will be required.
Transfers of a DIO account from Pension account to a superannuation account are not offered. On commutation of that new Pension account, all assets of the DIO account must sold and the account closed. Pension accounts cannot be commuted if the DIO account cannot be closed.
The transfer requests only applies to a DIO account held in a legalsuper superannuation membership to a new Pension membership for the same member and that one DIO account.