Our very popular Self Managed Superannuation Funds Guide has been updated to include some new commentary and precedents dealing with death benefits and reversionary pensions.
New or enhanced precedents include:
- a detailed new Pension Payment Agreement between the trustee and the member setting out the terms upon which pensions are to be paid from the fund;
- an updated Product Disclosure Statement, from the fund to its members, explaining the basis for establishing a pension and the procedure involved in paying pensions from the fund;
- a letter to the client – i.e.: the trustee of the self managed superannuation fund – enclosing and explaining the documentation; and
- comprehensive Nomination forms, for death benefits and reversionary pensions, giving the member maximum permissible choice and flexibility as to how their superannuation is handled after their death.
These changes clarify and streamline the process of setting up pensions in a self managed superannuation fund, making a death benefit nomination or reversionary beneficiary nomination, in accordance with legislative requirements and allow users to give their clients the best advice and assistance.