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 online workshop will consider the options for an SMSF member with a legacy pension, that is, one of the following pensions:
Lifetime complying pension;
Life expectancy pension (also known as a fixed term pension);
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.
Terms and Conditions
Each education service purchase is for your use only and accessible through your individual account. Each live online education service will be provided with a unique session ID to join which cannot be disclosed, forwarded, or distributed to any other individual without Accurium’s written consent. No other individual will be authorised to access your education service unless that individual has purchased the education service and a unique session ID has been provided to that individual. In the event of unauthorised access due to the actions of the intended recipient, Accurium may suspend or cancel the access for the intended recipient any additional individual(s) may be held liable for additional fees associated with the unauthorised access to an education service. Accurium reserves the right to charge any unauthorised individual(s) who access your education service. In the unlikely situation that a live education service is cancelled we will refund you the full cost of your purchase. If a live service is postponed, we will provide written notification to you and reschedule the education service. Your original ticket will be valid for the rescheduled date. We will also provide the recording and associated materials if you are unable to attend the education service live at the new date/time. If you are unable to attend the education service live at the new date/time, you may request a refund of the moneys paid by contacting Accurium directly, with all requests to be considered on a case by case basis by Accurium in its absolute discretion. The Accurium – General Terms and Conditions can be accessed here.