Distinct phases apply to members of Australian superannuation funds, with different rules applying to living members in either accumulation or pension phases and to the payment (and taxation) of lump sum death benefits when a fund member dies.
Transfer balance caps can also apply to limit choices for the commencement of lifetime and post death pensions.
Key planning issues for members of industry and retail superannuation funds include the preparation of binding death benefit nominations (which usually speeds up the process of payment) and the payment of lifetime lump sums to avoid death benefit taxes (not always possible where the entitlements include a life insurance policy).
For members of self managed superannuation funds, additional planning issues include future control of the fund and the preparation of cascading binding death benefit nominations, eg to a spouse (if surviving) and into the member’s estate if the spouse does not survive the fund member.
Committed to providing an effective and tailored strategy for the individual.