Transaction processing

When a contribution, rollover in, rollover out, cash withdrawal or form based switch request is received on a business day¹, together with all necessary information, it will be processed using the unit price issued for the date the transaction is processed, which is generally within 3 business days. There may be some delays at the end of June and the beginning of July as a result of necessary maintenance on your accounts².

Because units are issued or redeemed based on prices described above, there can be an effect on underlying performance, either positive or negative, depending on market movements, between the day your transaction request is received and the date of the unit price used when the transaction is processed.

Online switches

If an online switch request is submitted prior to 2.30pm (AEST/AEDT) on a business day, it will generally be processed using the unit price issued for that day. If an online switch request is submitted after 2.30pm on a business day, it will be generally be processed using the unit price issued for the next business day.

In the event of a delay in receipt of unit prices, the 2.30pm cut-off may be extended in which case the transaction will be processed using the unit price issued on the next business day. If a current switch is made, it is processed as a withdrawal (sell down of units) from one investment option, and an investment (purchase of units) into the other investment option.

Transaction processing discretion and unit price delays

In certain circumstances allowed under superannuation law and the Trust Deed (for example, where it would prejudice the interests of the other members of CSCri), we may delay, suspend or not process your application, switch or withdrawal request.

We reserve the right to delay or suspend unit prices10, apply a special price or not process future application, switching or withdrawal requests.

Annual statements

The effective date of each transaction listed in your annual statement and on our secure member portal, is based on the date of the unit price used to process that transaction.

¹ A business day is defined as a day that is not a Saturday or Sunday, and is a day on which banks are open for business in Sydney, Melbourne and Canberra, other than a Public holiday or day which is a public holiday in Sydney, Melbourne or Canberra.

² There may also be occasional delays if there is an IT system outage/issue, or if incorrect information is provided by an employer or Super Fund.