News : Pensions

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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ATO, Pensions

TBAR hampered by lack of real-time data

real-time data transfer balance

The lack of real-time data from the ATO about the transfer balance account (TBA) is hampering the ability of SMSFs to manage pension transfers.

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Documentation, Pensions

Estate planning conflict not always present

BDBN reversionary pension co-exist

A binding death benefit nomination and a reversionary pension can both exist within the same estate plan without the need for one to trump the other, a specialist document provider has said.

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