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Sunday, 23 July 2017

Comments

Kym Bailey

Any progress on the issue of Reserves that remain after a s1.06(6) pension dies? Is the ATO warming to the idea that, in a single member fund, the reserves can be paid out as a death benefit or, are they persisting with the distribution via contribution (to new fund members) as the only way?

Brian Bendzulla

Hi Kym

As you would have read the ATO is showing a great interest in reserves. However that will be to restrict rather than than making provisions more liberal. It's not just Sec1.06(6) pensions but all defined benefit legacy pensions. Also its not just on death. Indeed the best time to tidy up is while the client is alive ... Can use interest crediting rate supplementation etc. Have a look at the latest NetActuary blog about how we supporting needs in this area.

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