maintenance tasks


Exempt Current Pension Income

Once a superannuation fund commences to pay an income stream or pension, it should be possible to claim a tax exemption in the annual return for certain income backing the current pension liabilities. This is called the Exempt Current Pension Income. A segregated or an unsegregated method can be used.


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Minimum Pension Payments

For existing account based pensions the administrator must calculate each year, based on the start of year market value, the minimum pension that must be paid. For account based pensions that commence in the year, a proportional calculation is needed. Free calculators are available to carry out these calculations.


Trigger Date Calculation

Existing allocated pensions for members aged less than 60 continue with the current fixed dollar deductible amount (spread over actual payments) until a trigger event such as a full or partial commutation, reaching age 60, or death occurs. There are a number of issues such as tax efficiency of engineering a trigger, estate planning plus use of lump sum thresholds to consider. These calculations are also needed for defined pensions at the trigger date.