Women are taking a $160,000 hit to their retirement savings as a result of taking career breaks, potentially exacerbated by the fact they do not seek financial advice, a REST survey has revealed.

The total super balance of the individual members of an SMSF is the determining factor of how often a particular fund will have to complete a transfer balance account report (TBAR), rather than the total super balance of the member who is drawing a pension.

The SMSF segment leads in superannuation satisfaction among those in the higher-balance bracket, but industry funds lead them and retail funds in the lower-balance segments, according to Roy Morgan research.

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.