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Forward Thinking Magazine : December 2010
22 Commencing and commuting pensions: Macquarie Adviser Services Pensions commencing with funds from multiple sources When clients move into pension phase, there is often a need or desire to consolidate funds from multiple accounts/superannuation funds before the pension commences. Typically these multiple amounts from external funds are received by the pension fund on different dates. The administration practice of Macquarie Pension Manager is to use the date of receipt of the first payment into the Pension Manager account as the commencement date of the pension. This means that a client’s pension account can be established without waiting for subsequent rollovers or transfers to be received by the fund. Taxation components and the age of the pension recipient (for minimum annual payment purposes) will be calculated effective from that commencement date. Amounts rolled over or transferred to commence the pension must be specified in the client’s application form. This causes those amounts to be treated as part of the capital supporting the pension, and distinguishes them from amounts (not specified in the application) that are subsequently rolled over or transferred. The Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations) prohibit additions of capital to existing pensions. Developments in Macquarie Pension administration may add value to your clients