This article highlights an important change applying to pensions commencing on or after 1 October 2003. We will first discuss the new rules having regard to allocated pensions (AP) and then briefly discuss their application to complying pensions. Broadly, the new rules require the minimum payment in the financial year a pension is commuted to [read more]
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The Pension PDS
From 11 March 2004, trustees of self managed superannuation funds (SMSF) will have to issue a Product Disclosure Statement (PDS) whenever a member converts from growth to pension phase. A PDS is a statement prepared by the issuer of a financial product containing all of the information that a person would reasonably require for the [read more]