Pensions

Morrows can provide technical resources to help you arrange for your clients to run their own pension through their superannuation fund.

We can provide you with comprehensive packages to assist you to get your clients started with: 

• Account Based Pensions; 
• Non-Commutable Account Based Pensions; and 
• Market Linked or Term Allocated Pensions. The packages include all the information you and your clients need to know about pensions and the steps to be taken to commence paying a pension.

The package contains, where relevant:

• Trustee minutes authorising the establishment of the pension; 
• Information about the calculation of minimum and maximum payments for account based pensions;  and
• The various ATO notifications in respect pensions.

Morrows also provides a deed review service to ensure existing deeds allow for the payment of pensions.

Pension and Actuarial Services

Does your superannuation fund need a certificate from an actuary?

If your fund wants to claim a tax exemption on the fund's income while it is paying a pension, you may need a certificate from an actuary to determine the amount of exempt income that can be claimed.

Your fund will not need to obtain a certificate from an actuary if;

• you want to claim the tax exemption using the segregated assets method, and 
• the fund only pays an account based pension and/or a market-linked pension, and no other type of pension, at all times during a year.

Funds using the proportional (unsegregated assets) method will need an actuarial certificate for each year they claim a tax exemption, regardless of the type of pension being paid.

Morrows provides assistance in obtaining actuarial certificates and calculating the tax exempt income of the fund.