January 2, 2020 @ 5:30 am - January 2, 2030 @ 5:30 am$275
This module considers the features of a member account and how a member can access their money. It discusses how money can be taken either as a superannuation lump sum or as a pension and how both lump sum and pension payments are proportioned between taxable and tax-free components.
This module also reviews previous types of pensions payable from a self-managed superannuation fund (SMSF) and discusses the critical issues of when a pension commences and ceases. The difference in the features of each type of pension and in particular, an account-based pension and transition to retirement pension which are the only pensions which can be commenced by a member of an SMSF. The process for commencing a pension is outlined in an easy step by step guide. The concept of the transfer balance cap which limits the capital that can be applied to support an individual’s ongoing pension needs is also introduced and discussed in the broader retirement planning of members.
On completing this module, participants should be able to:
- identify the types of benefits that can be paid from an SMSF, and when
- understand the process of commencing a pension
- Identify when a pension commences and ceases either as a result of actions by the member or by operation of law
- 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.