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.