News : Pensions

Pensions, Regulation, Strategy

TTR strategy holds up amid changes

Concessional contribution cap Stage three tax cuts Superannuation guarantee Transition-to-retirement pension TTR Colonial First State Tim Sanderson

The merits of implementing a transition-to-retirement income stream have not been dulled by recent changes to certain superannuation parameters.

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Administration, Legislation, Pensions

Defining reserves key to pension exit

Reserve Legacy pension Non-concessional contributions cap Concessional contribution cap Commutation

The definition of a reserve is likely to impact the extent to which it can be extinguished under the proposed legacy pension amnesty.

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Administration, Compliance, Pensions

TRIS strategy can mean access risk

Colonial First State Craig Day transition-to-retirement income stream illegal early release SMSF Self-managed superannuation TR 2013/5 ATO

Starting and stopping a transition-to-retirement income stream multiple times in one year may trigger compliance issues for an SMSF.

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Pensions

Allow deceased legacy pension exits

Legacy pensions reserves SMSF Self-managed superannuation SMSF Association Legacy pensions reserves SMSF Self-managed superannuation SMSF Association

The SMSF Association has stated proposals to allow an exit from legacy pensions can be improved by including deceased members and retaining asset test exemptions.

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Administration, Pensions, Tax

Missed pension payments risk ECPI loss

Minimum pension ECPI Exempt current pension income

Practitioners should remind clients of the importance of meeting minimum pension requirements to ensure they retain the tax benefits of claiming exempt current pension income.

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Pensions, Regulation

TR 2013/5 sets consistent standard

TR 2013/5 minimum pension exempt current pension income superannuation income stream SMSF APRA fund CFS Craig Day

Consistent treatment of pensions where the payment standards have not been met has potentially been achieved with the update to TR 2013/5.

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Pensions

Flexi-pensions covered under legacy proposals

Self-managed superannuation SMSF DBA Lawyers Bryce Figot Legacy pensions Flexi-pension reserves

Despite flexi-pensions not being expressly mentioned in proposals to allow an exit from a legacy pension, the removal of reserves as a barrier would allow SMSF trustees to commute from them as well.

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Pensions

Consider legacy pension exits now

SMSF self-managed superannuation legacy pension market linked pension reserve allocations DBA Lawyers Bryce Figot

Legacy pension holders can take action now to exit them under proposed future changes, but should be aware of any linked arrangements that could be jeopardised.

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Pensions, Regulation, SMSF

Pension exit improvements proposed

Legacy pensions Commutations Reserve allocations Contribution cap

Draft plans to allow SMSF members to exit legacy pensions can be improved by removing any timeframes and allowing partial commutations without contribution caps being applied.

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