July marks the start of a new financial year and 2023/24 sees the return to normal minimum pension requirements, something that we haven’t seen since 2018/19.  It is also the first month that we start to identify situations where clients haven’t met their minimum pension obligations for the previous year.  Failing to pay the minimum pension has consequences but those consequences are different subject to the type of pension.  Similarly there are consequences for paying too much pension. All pensions must meet specific pension standards and failure to meet those standards can impact both the fund and the member.

This webinar explores the income tax and SIS issues where a member fails to meet the pension standards, whether it be a transition to retirement income stream, account based pension or death benefit income stream.  Amongst the issues that we consider will be:

• When a pension ceases
• Dealing with shortfalls
• Failing TRIS requirements
• Death Benefit pension obligations

Leaning Outcomes:

At the end of this webinar, participants will have an appreciation for:

• the impact of failing the minimum pension, including loss of tax exemption.
• how benefit payments are treated, subject to the type of income stream being paid.
• what concessions may be available for the pension to continue.
• Ideas to contemplate when a pension shortfall may exist in an income year.

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