This article is more than 24 months old and is now archived. This article has not been updated to reflect any changes to the law.
clearlaw
SMSFs & Defined Benefit Pensions - Finalisation at last
Firm deadline set 31 December 2005
Well 31 December 2005 has now been set as the final date. So if a member of a SMSF is eligible to be paid a defined benefit pension their entitlement must arise and the payment terms agreed by 31 December 2005. You can see the criteria about who is eligible here:
http://www.ato.gov.au/super/content.asp?doc=/Content/45333.htm
New "transition to retirement pension"
While the government restricted SMSF pension choices with one hand, it increased them with the other. Now SMSF members can enjoy new "transition to retirement (non-commutable) pensions". These can also be paid by non SMSF superannuation funds.
So SMSF members can now choose to receive an allocated pension or term allocated pension (market-linked pension) as a transition to retirement pension.
Lawyer in Profile
Associate
PH: 61 3 9258 3012
Kate is a lawyer in Maddocks General Commercial Team. Kate joined the firm in 2010 as a paralegal and was admitted to practice in December 2012.
Kate has been involved in acting for a range of commercial, government and professional industry clients.
Her areas of expertise include:
- drafting and reviewing commercial contracts;
- corporate law;
- corporate governance;
- mergers and acquisitions; and
- trusts law;
customer support
legal advice
-
The legal information and commentary on this site is general only. Documents ordered through Cleardocs affect the user's legal rights and liabilities. To assess their suitability for the user, legal accounting and financial advice must be obtained.
Learn More
For more information, contact Maddocks on (03) 9258 3555 and ask to speak to a member of their team.