News : Pensions

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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ATO, Pensions

TR 2013/5 amplifies ATO discretion

Minimum pension Tax ruling TR 2013/5 Accurium Mark Ellem SMSF Self-managed superannuation

The update to Tax Ruling 2013/5 means the discretionary powers of the ATO will likely be more significant when a minimum pension has not been paid.

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Pensions, Retirement, SMSF

Trustees retiring earlier with more

Class SMSF TRIS Transition-to-retirement income streams APRA Pension

Research has found a much higher percentage of SMSF trustees are in pension phase and have larger member balances compared to those in APRA-regulated funds.

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Pensions

Legacy pension proposals a win

SMSF legacy pensions SMSF Association Peter Burgess draft regulations consultation

Proposed regulations to allow simple exits from legacy pensions are a positive result for the SMSF sector, which has called for their introduction for five years.

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Pensions

Govt unveils legacy pension exit plan

legacy pensions reserves lifetime pension life expectancy pension market-linked income streams commutation regulations Stephen Jones

The government has released plans that will open a five-year window for SMSF members to exit legacy pensions and allocate reserves to specific members without impacting contribution caps.

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Pensions

TR 2013/5 update has TRIS impact

Transition to retirement income streams TRIS Minimum pension SMSF Self-managed superannuation Mark Ellem Accurium

The impact of the update to TR 2013/5 will not be confined to retirement-phase pensions and will extend to transition-to-retirement income streams as well.

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Pensions, Retirement

Age pension falling short

age pension guaranteed income Allianz Retire+ Allianz Australia Adrian Stewart

The age pension is regarded as insufficient by most retirees, leading to a growing interest in working longer and securing guaranteed retirement income streams.

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