Advisers should factor in changes to members’ income needs and possible cash sources outside of their fund when applying COVID-19 reduced minimum pension measures for their clients.

The SMSF Association has asked the ATO to use its discretionary powers to correct an irregularity in the transfer balance account debit calculation when market-linked pensions are commuted.

More trustees are failing to meet minimum pension payment standards suggesting many commuting a pension do not fully understand their obligations.

Death benefit pensions that require an extended period of time to be paid can still qualify for exempt current pension income, a technical expert has said.

SISFA has recommended the government consider an excess pension payment refund for those who drew down their pension before a reduction was introduced.

The passing of a recent omnibus bill has restarted the clock for SMSFs to report when members have commuted a market-linked pension.

Tax-effective strategies associated with pensions need to be formulated before an income stream is commenced, a technical expert has said.