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  1. Robert CARLISLE

     /  June 4, 2016

    A person aged 68 and still working and part of a two member SMSF and receiving an account based pension contributes via a non concessional contribution. Can this amount be converted to another pension rather than be treated as accumulation funds? Thank you.

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    • Hi Robert, the NCC funds must go into the accumulation fund first but then they can immediately be transferred to a new pension and we would suggest it is the optimum strategy as the new contribution would form a pension with 100% tax free component.

      A member might want to consolidate any current small concessional contributions to an existing pension first and we usually recommend this is dome 1 July do reduce costs.

      Alternatively a person over 65 can just take the balance of the accumulation account out as a lump sum drawdown tax free to ensure it does no get mixed with the NCC. Please seek advice for your personal circumstances as we don’t have all you information so our advice is general.

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  1. How do I add more money to Pension Phase in my SMSF

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