Many self-funded retirees are enjoying the benefits of Account Based Pensions (ABP), the new and improved allocated pensions that allow for flexibility, tax benefits and longevity.
Commencing an Account Based Pension (ABP)
DIY Super’s services include overseeing the conversion of your accumulation account to an ABP account.
In some cases it is necessary to prepare a set of interim financial statements to determine a member’s balance prior to converting to an ABP (if the start date is other than 1 July). When required this work will be undertaken as a separate engagement.
Transition to Retirement Income Streams (TRIS)
A TRIS is available to anyone who is over 55 years of age and is still an active member of the workforce.
Transition to Retirement Income Streams provide the opportunity to earn the same income whilst pay significantly less tax, receiving more after-tax funds.
Many income earners over 55 years of age can save significant amounts of tax every year with the potential for the savings to increase exponentially in the years following (It is not necessarily the best option for the majority of income earners under 60 years especially with a minimum 4% withdrawal).
To ensure the client is fully informed before commencing a TRIS, DIY Super evaluate the individual’s personal situation and prepare an estimate of the potential tax savings. This is followed by the preparation of paperwork to commence the TRIS.
Other Pension Related Services offered by DIY Super
- Advice regarding implementation of various strategies prior to commencing a pension or income stream.
- Personalised advice and explanation of the logistics of how pensions work and, more importantly, how they can work for you.