News : Pensions

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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Documentation, Pensions

Deed key to stopping legacy pensions

self managed super, self managed superannuation, SMSF, SMSF trustees, legacy pensions, trust deed, commute, commutation, Smarter SMSF, Tim Miller, SuperGuardian, life expectancy pensions, amnesty

Trustees need to pay particular attention to the details contained in the SMSF trust deed before commuting a legacy pension.

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Division 296, ECPI, Pensions, Tax

Accumulation exits best for Div 296

Self managed superannuation fund, Self managed super, SMSF, total super balance, Division 296 tax, Division 296, withdrawals, accumulation, Colonial First State, Craig Day, exempt current pension income, ECPI

Drawdowns to manage the proposed Division 296 impost should be made from the accumulation interest of SMSF trustees to achieve an optimal tax outcome.

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Pensions, Regulation

Legacy pension debt waiver still pending

While SMSF members have been able to commute legacy pensions since late last year, the regulations waiving Centrelink debts are still not operational.

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Pensions

Check TRIS docs prior to conversion

SMSF, self managed super, TRIS, documentation, transition-to-retirement income stream, Accurium, Melanie Dunn, condition of release, retirement-phase pension interest, SMSF Professionals Day 2025

Practitioners should check the documentation regarding a client’s TRIS to ensure it is not restricted if converted to a retirement interest.

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