News : Pensions

Administration, Death benefits, financial advice, Financial Planning, Pensions

Death must halt auto pension payments

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, automatic pension payment, income stream, death benefit, reversionary pension, Accurium, Natalie Scott, lump sum, death of member, executor

Automatic pension payments made from an SMSF must be stopped when the recipient dies to avoid the misclassification of these amounts.

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ATO, Pensions

TR 2013/5 upgrade means more red tape

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, minimum pension payment, TR 2013/5, Taxation Ruling 2013/5, commutation, ECPI, exempt current pension income, Institute of Financial Professionals Australia, IFPA, Natasha Panagis, tax components, lump sum

The update to Taxation Ruling 2013/5 will create noticeably more administrative work for trustees who fail to meet the minimum pension payment standards.

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Death benefits, Pensions

Death pension okay without instruction

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, pension documentation, income stream, automatic reversionary pension, Accurium, Mark Ellem, trust deed, death benefits, trustee discretion, SMSF Professionals Day 2025

The pension of a deceased member can be retained in an SMSF even if there is no evidence the income stream was reversionary.

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Pensions

Legacy pension wind-ups hold legal risk

SMSF, self managed superannuation fund, self managed super, legacy pensions, amnesty, Accurium, Mark Ellem, financial product, licence, financial advice, commuting

There are many legal restraints applicable to practitioners looking to assist their clients in commuting existing legacy pensions.

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Pensions

Amnesty also better for flexi-pensions

SMSF, self managed superannuation fund, self managed super, amnesty, legacy pensions, commutable lifetime non-complying income streams, Smarter SMSF, Tim Miller, flexi-pensions, commutation rules, reserve allocation rules

Expedient and complete flexi-pension commutations are possible for SMSF members under the new five-year amnesty measure.

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Pensions

Pre-emptive pension restart questionable

SMSF, self managed superannuation fund, self managed super, pension, minimum payment, ASF Audits, Shelley Banton, ATO, Taxation Ruling 2013/5, TR 2013/5, exempt current pension income, pre-emptive action, compliance, SIS Act

Plans to automatically commute and restart a failed pension may breach the law for trustees and advisers who implement them.

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ATO, Pensions

ATO releases legacy pension guidance

self managed super, self managed superannuation, SMSF, ATO, commutation, legacy pensions, reserve allocations, SMSF Association, lifetime pension, life expectancy pension, market-linked pension, amnesty, guidance

New guidance from the ATO on commuting legacy pensions has been welcomed, but the SMSF Association says more detail is required.

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Pensions

Reserve allocations may need actuaries

self managed super, self managed superannuation, SMSF, actuary, legacy pension, commutation, reserve allocation, complying lifetime pension, Smarter SMSF, Tim Miller, SuperGuardian, pension value, amnesty

The allocation of a reserve associated with a legacy pension may require actuarial services if more than one of these income streams exist.

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