Overview of defined benefit pensions | Accurium

Technical article
Some SMSF members may hold what is known as a defined benefit pension in their SMSF. These life expectancy, lifetime and flexi pensions will be legacy pensions as members can no longer commence a new defined benefit pension in the fund. These defined benefit pensions may be asset test exempt for Centrelink purposes. They will have a specified payment amount and will also require a certificate from an actuary each year to certify that there are sufficient assets to support the pension liabilities with a high probability.

Disclaimer

This information is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.