Transition to Retirement Pension commencing part way through financial year

David Beaumont

• 20 June 2024 01:57

I have a client wishing to commence a TRIS. She is aged 61 (6-4-63). The SMSF Trust Deed was updated on 18th April 2024 to allow for TRIS pensions. Can she take the maximum Lump Sum of 10% of the amount that she wishes to transfer from her Accumulation Account to her TRIS Pension Account for the full 2023-24 year or does the Lump Sum amount need to be pro rated?

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  Richard Freedman

  • 08 October 2024 07:24

  WOW, no comments yet.

  10% max is 10% max no matter when during the year it was started. ie no pro-rata on max (minimum is pro-rata'd)

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  Johnny Yang

  • 07 February 2025 20:20

  https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/in-detail/smsf-resources/smsf-technical-pensions/smsf-transition-to-retirement-income-streams/running-a-tris#ato-RestrictionsonwithdrawalsfromaTRIS 

  The 10% limit only allows pension "income stream" withdrawals.

  Only when the Client meets a condition of release, usually when they turn 65 years old are they allowed to withdraw a lump sum / commutation.

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