SMSF Pension Pack

Set up a simple pension or a transition to retirement pension for your SMSF.

Use Cleardocs to create all the documents you need to set up a pension for your SMSF. The pensions available are:

  • simple pension; and
  • transition to retirement simple pension.

Time taken to complete 5-10 minutes.

Cost $ 299.00 (inc GST)

Printing Optional printing, binding and delivery for $ 49.50

Legal Sign-offThe master documents are written in plain language and are signed-off by our lawyers at Maddocks.

What documents are included in the Cleardocs SMSF Pension agreement package?

The document package for the SMSF Pension set up includes:

  • the Pension Payment Agreement containing the rules under which the pension will be paid;
  • a Product Disclosure Statement summarising the features of the Pension Payment Agreement;
  • Application form - from fund member to fund trustee(s);
  • Minutes of the fund trustee(s) agreeing to pay the pension, and
  • an Establishment Kit explaining what to do next.

Tailoring the Pension Agreement to the SMSF

Once you become entitled to be paid a lump sum benefit, the Cleardocs SMSF Pension Pack provides a set of documents that give you all you need to pay your benefit as an income stream. The Pension Payment Agreement package allows you to:

  • choose what type of pension you receive;
  • choose when and how you receive the pension and change that at a later date;
  • choose when you receive pension information from the trustee;
  • "commute" the pension in certain circumstances - that is, change it so that you receive a lump sum; and
  • nominate a reversionary beneficiary to receive the pension after you die.

The fund does not require a Cleardocs deed

To use the Cleardocs Pension Pack, the SMSF does not require a Cleardocs deed. We strongly recommend that you update to the latest version of the Cleardocs deed to ensure consistency between the fund's deed and the Pension Payment Agreement — you can update the SMSF's deed to a Cleardocs deed for $110.00.

Background to the Cleardocs SMSF Pension Pack

When you become entitled to be paid a lump sum benefit, the SMSF trustee(s) may allow you to choose to receive that lump sum in the form of regularly paid income — this is called a pension.

You need to understand broadly how each pension type operates so you can decide the right pension for you. Different types of pensions operate differently and will impact on you differently. Please discuss this in detail with your adviser before you select the pension you would like to receive. We cannot give you that advice.

Need more pension documents?

If you would like to change any of the documents or to arrange a different type of pension, then you can order a Cleardocs Pension Pack and then arrange for Maddocks to amend it to meet your needs. This is cheaper than asking Maddocks to create your version from scratch. Start by calling Cleardocs on 1300 307 343 and we will direct you to the relevant lawyer at Maddocks to begin the process.

Auto-populate answers using your existing BGL account

Integration with BGL Simple Fund 360 allows you to pre-populate your Cleardocs orders with existing BGL fund information. In order to pre-populate your answers, start a new order on the Cleardocs website and then click on "Use details from BGL Simple Fund 360" when the question interface gives you the option to auto-populate your answers.

The Cleardocs system then:

  • directs you to the BGL website to log in with your credentials and authorise Cleardocs to access your fund information;
  • returns you to the Cleardocs interface and prompts you to choose your preferred BGL document fund from a drop down box; and
  • pre-populated the interface with your BGL fund information.

For privacy reasons, Cleardocs does not have access to any of your BGL login details. BGL only provides Cleardocs with certain contact information.

Seek legal advice

The SMSF Pension Pack information here should be considered general in nature, and in no way interpreted as legal advice. You must always seek your own independent legal, accounting and financial advice about your particular situation. The summary on this page is for information purposes only.

Questions or further information

If you have questions:

  • about how to use Cleardocs, contact the Cleardocs helpline on 1300 307 343.
  • about legal issues, contact the Cleardocs helpline on 1300 307 343. If you need advice, we will arrange for you to speak with a lawyer at Maddocks. The firm provides a free legal helpline in relation to the documents Cleardocs provides. If you require other legal advice in relation to your particular circumstances, then this will be charged for.
  • Legal certainty with an agreement that formally documents the rules for payment of your retirement income stream
  • Pension and transition to retirement options
  • Nominate your reversionary beneficiary from the beginning of a pension
  • The SMSF does not require a Cleardocs deed to use this document package
  • Pre-population of Fund information from previous Cleardocs orders
  • Extensive online help and local phone support
  • Easy to use question interface