While the issue of SMSF members meeting their minimum pension payments has received much attention since the new super rules commenced, the overpayment of pension income is equally as crucial an area to monitor, a specialist industry law firm has warned.

The superannuation guarantee (SG) regime was established under the Superannuation Guarantee (Administration) Act 1992 (SGAA).

Revenue and Financial Services Minister Kelly O’Dwyer has emphasised the federal government is taking considered measures to ensure the super reforms do not cause too much disruption to financial advisers and SMSF trustees.

The latest Roy Morgan research into the net wealth of Australian households has found superannuation and pensions/annuities are playing a smaller part in the make-up of people’s overall financial positions.

The federal government has moved to further incentivise retirees to downsize their home through including the former home in its new downsizer contributions rules, meaning many more adviser clients over 65 could be eligible to make additional contributions to superannuation, according to IOOF.

There are a few different ways individuals can contribute money into superannuation for the benefit of their spouse. Taking advantage of these contribution options can help spouses achieve parity in relation to their respective super account balances over time and provide increased flexibility in relation to managing the transfer balance cap.

The latest statistical analysis provided by the Association of Superannuation Funds of Australia (ASFA) has shown a significant increase in women’s share of retirement savings balances over the past 23 years.

The new rules allowing individuals to make tax-deductible voluntary superannuation contributions introduced as part of the super reforms have allowed SMSF members to overcome the inequitable and limiting nature of salary sacrifice arrangements, according to the SMSF Association.