News : Pensions

Pensions

Pension reporting systems need review

pension reporting systems

SMSF administrators should take the time to review their procedures and administration systems in order to prevent a fund failing to meet minimum pension payments.

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Pensions, Retirement, Superannuation

Review queries retirement system understanding

retirement system purpose

The Retirement Income Review has raised the issue of whether consumers understand the end purpose of the retirement system and if more needs to be done to make it clearer.

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Pensions

TBC can hurt death benefit pensions

Transfer balance caps

Trustees should understand how the death of an SMSF member could lead to potential TBC and property issues, an SMSF legal expert says.

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Pensions

ATO pension guidance raises questions

Minimum pension standards

The ATO’s guidance on minimum pension requirements for SMSFs raises some key questions, an actuarial services provider says.

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Pensions, Retirement

Actuaries link age to optimal pension drawdown

pension drawdown model

The optimal pension drawdown figure is closely aligned to the age of a retiree and a group of actuaries has created a simple model to calculate this figure.

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Pensions

Errors common in actuarial certificate process

Errors common in actuarial certificate process

Trustees should be aware of the potential stumbling blocks involved with completing the actuarial certificate application process as part of working out their fund’s ECPI, an actuarial services provider says.

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Pensions, Superannuation

Resolutions or agreements on death not binding

Pension resolutions agreements

A specialist lawyer has warned instructions as to the treatment of an existing pension upon a member’s death may not be legally binding if made via a resolution or a contractual agreement.

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Pensions, Superannuation, Tax

Trustees still not clear on TBCs

Trustees still not clear on transfer balance caps

The tax implications of TBCs are still not understood by many trustees, an SMSF expert says.

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Pensions, Superannuation

Transfer balance transactions trap for unwary

transfer balance transactions

Trustees should be aware that not all transactions aimed at reducing a transfer balance will actually do so and can leave a fund open to excess taxes.

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Pensions

‘Easy way’ not always best when calculating ECPI

ECPI reporting process

The upcoming changes to ECPI will have the overall effect of complicating the reporting process for funds, an SMSF expert says.

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