News : Pensions

Pensions, Regulation, Retirement, Superannuation

Age issue curbs bring-forward rule

NCC bring-forward rules

The non-concessional contribution bring-forward rules can only be used if a person is under 75 during the relevant financial year.

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BDBNs, Pensions

Death pension doesn’t need order

Death benefit pension

It is not necessary to have a reversionary instruction or BDBN in place to pay a death benefit to the spouse of a deceased member via a pension.

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Pensions, Strategy

Pension strategy boosted for over 60s

Pension strategy

Super fund members aged over 60 can plan on using the indexation of the transfer balance cap from this year, but may need to change their employment status to do so.

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Pensions, Regulation, Superannuation

Minimum pension normalcy back

Minimum pensions

Last night’s budget gave the industry a very good indication that minimum pensions will be returning to pre-COVID rates from 1 July 2023.

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Pensions, SMSF

Legacy pensions a missed opportunity

Legacy pensions

Having no reference to the issue of legacy pensions in the 2023 federal budget has been labelled as a missed opportunity given other super measures.

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Death benefits, Pensions

Reversionary pension boosts TBC planning

Reversionary pension and death benefit management

Converting a death benefit into a reversionary pension can reduce its impact on the TBA of a widowed spouse and create more time to manage how it will be used.

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BDBNs, Death benefits, Pensions

Child pension can trump BDBN

Binding death benefit nomination

The creation of a child pension may create better tax outcomes for the beneficiaries of an SMSF member compared to a BDBN after the death of that member.

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Pensions

Pension tax strategies impact TBC

pension tax TBC

Pension commutation strategies used to minimise tax in the accumulation phase may limit the level of indexation that applies to a personal TBC.

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Pensions

Act fast for clients turning 65

TBC indexation

SMSF advisers need to act fast to help clients turning 65 before 1 July make the most of the indexation of the transfer balance cap to $1.9 million.

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Pensions, Tax

New tax to impact pension strategies

super tax pension

Pension strategies dealing with a member’s death could be impacted by the proposed additional tax on super balances above $3 million.

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