Part two of a three-part series to support members navigate the complexities associated with legacy pensions, particularly in light of new and proposed legislative changes. Click here to read Part 1.
This edition of Technically Speaking written by Julie Steed (FSSA), Senior Technical Services Manager at Australian Executor Trustees, unpacks the intricacies of dealing with legacy pensions on the death of a member.
This bulletin focuses on:
- the treatment of the different legacy pensions on the death of a member;
- understanding what options are available when dealing with reversionary beneficiaries;
- exploring how to manage reserves associated with legacy pensions;
- identifying the wind-up options that exist for legacy pensions, and more.
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association