All Wrap accounts now migrated to BT Panorama

Review your client’s pricing after migration

Existing administration fee pricing arrangements for Wrap clients will be assessed ahead of the intended migration of their account. These pricing arrangements will either be maintained, or a client may be moved to Panorama Open pricing on migration if this represents a lower administration fee for the client at the time of our assessment.

You can move clients to Panorama Open pricing at any time by completing the ‘Change administration fee rates’ form available on the Panorama desktop in the ‘Help and Support’ section.

Familiarise yourself (and your clients if appropriate) with the removal of infrequently used adviser fees 

We will no longer be facilitating or charging the following fees:

• Adviser contribution fees
• Managed Fund transaction fees 

Time transactions to account for limitations applying to some transaction types in the lead up to each migration weekend

The table below summarises the temporary transaction freeze periods that will apply in the lead up to each migration tranche.

Please note that other amendments to your clients’ accounts will be assessed on a case-by-case basis to ensure that they can be completed prior to migration. If not, they will be completed once the account has been moved onto BT Panorama.

* Migration date will be on a weekend. These are the number of calendar days ahead of migration, not business days.

Plan your client’s transactions to occur in advance of these freeze periods if you want to avoid them being excluded from their planned tranche. However, if the transaction must occur during the freeze period, your client will be moved to a later tranche.

Notify clients with outstanding transactions at time of migration of the potential for a delayed migration

If certain transactions are still being processed at the time of the migration, your client may be excluded from their scheduled tranche and migrated at a later date. These include;

• super to pension transfer clients where there are dividends outstanding
• shares with outstanding corporate actions
• deceased estates

A migration status report on the BT Wrap desktop homepage will show the migration date of each client (where possible) and will be updated if clients are removed from the migration.

Notify external parties of the changes to clients’ account details

Where your clients are making regular Super Guarantee contributions, after migration your clients will need to notify employers of their new account details. BT can redirect payments for up to 12 months, so we suggest your client updates as soon as possible.

BPAY numbers will also be updated to reflect the new account number so your client will also need to update BPAY details with external parties.

Existing Direct Debits set up in BT Wrap will automatically be updated to the new account details upon migration. Where your client has set up direct debit arrangements with third parties, your client will need to contact those third parties to ensure those arrangements are updated.

Where a regular rollover is made from your client’s BT SuperWrap account to another super fund to pay for insurance cover held through that fund (known as an enduring rollover), your client may be required to complete a new ongoing rollover authority form to continue requesting a regular rollover of funds from their BT Panorama Super account.

Inform clients to expect one statement made up of two documents in migration year

During the migration year, each client will receive one statement made up of two documents (one for the period their account is administered in BT Wrap, and a second for the remainder of the financial year their account is administered on BT Panorama). This applies to both the annual investor report and their tax statements, as well as the quarterly IDPS statement, and only applies for the migration year. Clear instructions will be issued with these documents explaining what to do.