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.
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
Special Counsel
+61 3 9258 3524
paul.ellis@maddocks.com.au
Qualifications: LLB, Deakin University, BA (Political Science), Monash University
Paul is a Special Counsel in Maddocks Government and Not-for-Profit Commercial team. He specialises in:
- the establishment, governance, operations, regulation and administration of charities and other not-for-profit entities,
- in commercial arrangements for the procurement or supply of goods and services, including technology services, and
- in compliance and enforcement activities undertaken by government agencies.
Paul is Maddocks' main authority in relation to the Personal Property Securities Act 2009.
He has an in-depth understanding of the government sector, as his experience prior to Maddocks includes 13 years with the Victorian Department of Justice.
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