Taking a super pension

When you retire and/or reach a certain age, you can access your super benefits as a lump sum or as a superannuation pension.

A superannuation pension is also known as an income stream.

You can purchase a pension from your existing superannuation fund or a related financial organisation, or from another super fund or organisation, or start a pension within a self-managed super fund (SMSF).

You may also be eligible to start a transition-to-retirement pension (TRIP) before you retire, provided you have reached your preservation age.

Set out below are all SuperGuide articles explaining Taking a super pension.

2016 Federal Budget summary: Superannuation shock for Australians

On 3 May 2016, the federal treasurer Scott Morrison released the first federal budget of his career, and he has made some radical changes to the super rules.On first read of the super changes, Scott Morrison may indeed raise $2.9 billion over 4 years by introducing the super changes, but I think … [Read more...]

2016 Federal Election: What superannuation and retirement policies can you expect?

The May 2016 Federal Budget was released on 3 May 2016, rather than its usual date of 10 May 2016. Linked to the Budget night change, Prime Minister Malcolm Turnbull has confirmed the federal election is highly likely to be held on 2 July 2016 (since the Senate hasn’t done what the federal … [Read more...]

Transition-to-retirement pensions: Will TRIPs stay, or will they go?

On 3 May 2016, in the 2016 Federal Budget, the Liberal government announced that, from 1 July 2017, it intends to remove the tax exemption on pension fund earnings financing a transition-to-retirement pension (TRIP).If the Liberal government is successful at the July 2016 Federal Election, then … [Read more...]

Super contributions: Over-50s concessional cap (10 Q&As)

In this article, you can find the answers to 10 popular questions received by readers on the concessional (before-tax) contributions cap for over-50s.For a comprehensive guide on concessional contributions, see SuperGuide article Super concessional (before-tax) contributions: 2015/2016 survival … [Read more...]

Mirror, mirror… what super fund is the best-performing fund of all?

Note: SuperGuide updates this article every 6 months with the latest performance and super fund data. Discover the best ‘value for money’ super fund for 2016, the super (pre-retirement) fund of the year for 2016, and the pension (retirement) fund of the year for 2016. This article lists the top 10 … [Read more...]

What are the super and retirement rules for over-65s?

Q: My wife (age 63) and myself (age 65) were told by a financial organisation that at 65 or over I could put money into super, pay 15% tax on the way in, and then draw it out when I wished and pay no tax. In fact I have been told to pay myself $30,000 or less and source the rest of my income through … [Read more...]

SMSF compliance: Is a corporate trustee required to pay lump sums?

Q: I’ve seen conflicting advice that if you wish to make a lump sum payment from an account-based pension by way of an in-specie transfer of assets, or, just a lump sum cash withdrawal, you can’t do it if you have individual trustees. You must have a corporate trustee. Can you please comment?I … [Read more...]

SMSFs: How do I calculate CGT on an asset sale?

Q: If I purchased a rental property in my SMSF for say $300,000 five years ago and the house is now valued at $400,000 in the SMSF what will be the capital base for the calculation of future capital gains tax (CGT) if I sell the flat? Will it be the original $300,000 or the $400,000?A: I am not … [Read more...]

SMSFs: Selling a property asset and CGT

Q: If my self-managed super fund (SMSF) owns an investment property, and the SMSF later sells the property, what is the amount of capital gain tax payable by the SMSF?A: Before I respond, please note that anyone considering the tax implications of a strategy or investment decision should speak … [Read more...]