Account based pensions | Accurium

Technical article
The ‘Simpler Super’ reforms of 2007 introduced a new type of pension called an ‘account-based pension’ as the primary pension product offered through superannuation. An account-based pension is a regular income stream that you receive in your retirement or when you reach preservation age. It is drawn from your super benefits and has a requirement to make regular payments. This article discusses the details of what is an account-based pension and what you need to know when commencing one of these pensions in an SMSF.