SMSF practitioners should follow certain key steps in order to maximise draw down benefits for members, a technical expert says.

Members can still change the reversionary status of their income stream to add or remove beneficiaries in the right circumstances, a technical expert says.

Advisers should be aware the drawdown method used by an individual can influence how effective an asset protection vehicle an SMSF can be in the event of a member being declared bankrupt.

A large portion of practitioners have been found to favour a complete reworking of the exempt current pension income (ECPI) calculation rules.

Practical evidence suggests the disregarded small fund assets component of the exempt current pension income rules is continuing to cause confusion.

The SMSF Association has predicted the government will allow ECPI elections to take place at the end of an income year as it will make little difference to its received revenue.

Assurances from the government that the age pension and other benefits will be retained will drive more people to draw down on their accumulated retirement savings.

Reversionary pensions can be knocked back if they threaten other aspects of an SMSF member’s financial arrangements.