This module considers the features of a member account and how a member can access their money. It also discusses how money can be taken either as a superannuation lump sum or as an income stream and how both lump sum and pension payments are proportioned between taxable and tax-free components.

This module also reviews previous types of pension payable from a self-managed superannuation fund (SMSF) and discusses the critical issues of when a pension commences and ceases and introduces the concept of the transfer balance cap.

LEARNING OUTCOMES

On completing this module, you should be able to:

• identify the types of benefits that can be paid from an SMSF, and when
• Identify when a pension commences and ceases
• calculate the minimum pension obligations for a full or part-year pension
• discuss the requirements when a pension is commuted
• detail the different types of pension that can be paid from an SMSF
• understand the transfer balance cap.