News : Pensions

Documentation, Pensions, Software, Technology

Release authority payment software snag

The administrative software an SMSF is using may complicate the process of paying a release authority amount from a pension account.

The administrative software an SMSF is using may complicate the process of paying a release authority amount from a pension account.

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Pensions, Retirement

Age pension dependence down

Average super balances have been trending upwards, leading to a tangible reduction in Australians’ reliance on the age pension in retirement.

Average super balances have been trending upwards, leading to a tangible reduction in Australians’ reliance on the age pension in retirement.

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BDBNs, Pensions

BDBN comparable to reversionary pension

A binding death benefit nomination has the ability to achieve the same estate planning outcome as a reversionary pension.

A binding death benefit nomination has the ability to achieve the same estate planning outcome as a reversionary pension.

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Insurance, Pensions, Tax

Life insurance has pension decision role

The ability for an SMSF member to receive a payout from a life insurance policy can favour making an income stream reversionary.

The ability for an SMSF member to receive a payout from a life insurance policy can favour making an income stream reversionary.

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Pensions

Reverting pension needs more attention

The correct decision-making process is potentially being neglected when choosing whether to make a pension reversionary.

The correct decision-making process is potentially being neglected when choosing whether to make a pension reversionary.

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Pensions, Superannuation

Commutations must be in real time

The termination of a pension due to a minimum payment shortfall can only be performed after the compliance breach has been discovered.

The termination of a pension due to a minimum payment shortfall can only be performed after the compliance breach has been discovered.

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Pensions, SMSF

Automatic min pension correction unsound

Putting documents in place to automatically trigger rectification action for a minimum pension shortfall is unlikely to be effective.

Putting documents in place to automatically trigger rectification action for a minimum pension shortfall is unlikely to be effective.

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Division 296, Pensions

Cut Div 296 tail with pension

Reversionary pensions may be useful in creating a fixed end date for Division 296 liabilities of deceased members of an SMSF.

Reversionary pensions may be useful in creating a fixed end date for Division 296 liabilities of deceased members of an SMSF.

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Death benefits, Division 296, Pensions

Div 296 can’t defend death pension delay

SMSF members should not use Division 296 tax mitigation as a singular reason for delaying the commencement of a reversionary pension.

SMSF members should not use Division 296 tax mitigation as a singular reason for delaying the commencement of a death benefit pension.

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