tumblr visit counter

SMSF Pension Administration

SMSF Administration

A superannuation fund cannot be accessed until you retire or reach a certain age, called your preservation age. For people born prior to 1st July 1960, preservation age is 55 years old. People born after that date will have a preservation age varying between 56 and 60 depending on your year of birth (more information below). To access the funds from your SMSF, administrators need to facilitate the release of the funds in a manner that complies with SMSF regulations and laws. This is where iCare Super can help. Our SMSF administration providers can ensure you receive the funds from your account either as a lump sum or paid in regular instalments.

Preservation Age

Use the following table to work out your preservation age:

Date of Birth Preservation Age
Before 1 July 1960 55
1 July 1960 – 30 Jun 1961 56
1 July 1961 – 30 Jun 1962 57
1 July 1962 – 30 Jun 1963 58
1 July 1963 – 30 Jun 1964 59
From 1 July 1964 60

Our SMSF Administration Services

In addition to establishing your SMSF, administration providers can also assist with a full range of SMSF administration tasks, including:

Transition to Retirement Pension

If you reach your preservation age and are still working, you can start a Transition to Retirement Pension (TRIP). With TRIP, the only difference is that you only can take out a maximum 10% of your member balance annually.

Pension Commencement

Simply advise us if you want to convert your full or partial member balance in your SMSF. We will provide all the documentation services assisting the commencement of pension accounts of your SMSF. Our SMSF administration pension services include:

  • Member application and pension agreement
  • Condition of release declaration
  • Pension commencement minutes
  • Minimum and maximum pension calculations
  • PAYG Withholding registration (if required)

SMSF Pension Administration

  • We write to you every year to advise you of the minimum pension you must take out from your SMSF.
  • We apply for the actuarial certificate on your behalf if your SMSF is not in full pension phase.
  • We assist you to set up reversionary pension if you choose to.
  • We prepare the PAYG Summaries for your SMSF if required.

The Benefits of Employing SMSF Administrators

While many systems within the financial services industry are largely automated these days, the appeal of having ‘real’ administrators overseeing your SMSF provides fund holders with the peace of mind they want and deserve. They appreciate the personalised service and advice provided by SMSF administration specialists, particularly in situations where had they been managing their own SMSFs, they may not have been aware of specific strategies or advantages that professionals know about all available options.

To find out more about how SMSF administration providers can make your self managed super fund work that little bit harder for you, from now until preservation or retirement age, give iCare Super a call today on (03) 9557 4079. Alternatively, you can also contact us online.

Enquiry Now

Enquiry Now