Dealing with legacy pensions in an SMSF

$350.00 +GST

The number of SMSFs with members being paid an old legacy pension (market-linked or defined benefit pensions) continues to decline. However, this means that the frequency of these pensions coming to an end is increasing. However, many of the complex technical, compliance and tax issues which can occur when a member passes away, or the pension term expires are easier, to deal with before the pension ends, and so it is critical to understand the options for restructuring these income streams, and the implications of doing nothing. These options could include a restructure of an existing legacy pensions to a new market linked pension and whether the SMSF can be wound up. 

Whilst you may only have one or two SMSFs in your client base with these pensions or even none at all, being aware of the consequences of the pension coming to an end, can help you provided valuable advice to an existing or potential client of their options. 

This specialist 2 ½ hour on demand training will consider the options for an SMSF member with a legacy pension, that is, one of the following pensions: 

  1. Lifetime complying pension; 
  2. Life expectancy pension (also known as a fixed term pension); 
  3. Market linked pension (also known as a term allocated pension). 

Given the proposed two-year exist measure for certain legacy pensions was not contained in the most recent Federal Government Budget, another very important consideration that will be covered in this workshop, is the timing of dealing with legacy pensions. Simply putting aside these pensions to deal with until an exit measure commences can be fraught with danger given the ages of member with these types of pensions, they may not be around when the exit measure does actually start – which is no guarantee. 

Presented by

Doug McBirnie
Managing Director
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