News : Pensions

Economy, Pensions

Deeming rates freeze continues

Deeming rates Social security Federal budget

Social security deeming rates will remain locked at their current level boosting income available to age pension recipients.

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Pensions, Superannuation

TBC calculation all inclusive

Transfer balance cap Calculation Excess transfer balance Defined benefit pensions Federal Court

The recipient of two defined benefit pensions has lost a court case to have them excluded from the calculation of his excess transfer balance, failing to prove they were not covered by tax laws.

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Pensions, Retirement, Superannuation

Retirement system a major challenge

Retirement system financial literacy AMP

Many Australian retirees face difficulties in understanding the retirement system and lack confidence in managing their finances for retirement.

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ATO, Pensions

Cash flow impact from minimum pension move

Minimum pension

The return to full rates for minimum pensions may be accompanied by a change in thresholds for some pensioners, creating a need for greater cash flow in the coming financial year.

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Pensions, Retirement

Standard minimum pension level returns

Minimum pensions

The recent budget gave the industry a very good indication that minimum pensions will be returning to pre-COVID rates from 1 July 2023.

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Pensions

Legacy pensions a missed opportunity

legacy pensions budget

Having no reference to the issue of legacy pensions in the 2023 federal budget has been labelled as a missed opportunity given other super measures.

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Contributions, Pensions

Blocking indexation a brave move

Preventing the indexation of the general TBC would be considered a very bold government initiative and contrary to the intent of the original policy.

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Pensions, Superannuation, Tax

Soft cap has pension strategy impact

Pension strategies dealing with a member’s death could be impacted by the proposed additional tax on super balances above $3 million.

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Pensions

TRIS essentials need to be present

TRIS requirements

Certain requirements need to be satisfied before an SMSF member can consider commencing a transition-to-retirement income stream.

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