If you are aged 55 and over, but still working, your Self Managed Superannuation Fund may be able to pay you a Transition to Retirement Pension (TTR Pension).
There are different rules for these types of pension. We can provide the compliance paperwork for these pension. It is likely your fund will need to obtain an actuarial certificate for each year that you pay these pensions from your fund.
You will still be able to continue to make contributions to your SMSF after you start a TTR Pension.
We are an independent family owned business that has specialised in Self Managed Superannuation (SMSF) for more than 30 years.
Pension Establishment
Although the rules surrounding pensions have been simplified in recent years, there are still compliance issues for pensions.
For new pensions paid by your SMSF we:
- Provide pension calculations
- Document the pension commencement
- Arrange for an Actuarial Certificate, if required
- Provide CentreLink with details of your SMSF pension (on request)
We can prepare the required minutes and paperwork to convert your fund to a pension fund. Where it is necessary to obtain an actuarial certificate, we will provide the relevant information to the Actuary and arrange for the provision of this certificate.
Having converted your fund to a pension fund, we can arrange for the payment of your pension, generally monthly, but also quarterly or even annually.
For fund members currently receiving a CentreLink benefit, we can provide Centrelink with the required details of your SMSF pension.
If you are under 60 and receiving a pension through your SMSF, your super fund is required to provide, to the Tax Office,details of taxable pensions paid and remit the relevant tax associated with the pension payment to the ATO. We will deal with this on your behalf.
The Alan Skerritt Consultancy
Windsor Holdings Pty Ltd (ACN 010 018 041 ABN 12 862 040 559)
(Incorporated in Queensland) Trustee
Consider the advantages of
starting a pension
within your SMSF.
If you are currently aged 55 or over, you may be eligible to start a pension within your Self Managed Superannuation Fund (SMSF)
- Part or all of the earnings in your fund become tax-free.
- Your pension may be tax free, or, if taxable, eligible for a rebate, reducing the overall tax payable on the pension.
- This should not be construed as financial advice. Please consult your financial adviser for tailored financial advice.
