Tips, Traps and Strategies for Pension Commencement

The transfer balance cap is now enshrined in our businesses. It requires substantial consideration for our clients as part of their retirement planning, estate planning and meeting their living needs.

Once a pension is commenced, it doesn’t mean there are no further matters to resolve with respect to such a pension.

At this year’s National Superannuation Conference, Jemma Sanderson, CTA, presents ‘Tips, Traps and Strategies for Pension Commencement’. We spoke to her about what’s happening in this space.

Jemma told us “With the biggest changes to super enshrined with us for a few years now, it is important that we don’t rest on our laurels in terms of the ongoing strategic considerations for our clients.”

“A lot of planning was undertaken for those in pension phase at 30 June 2017, and while my session at this year’s Conference will provide guidance regarding those pensions, advisers need to be aware that there is still a lot to consider for their clients who are retiring now or in the near future and commencing pensions.”

Jemma’s session will consider in detail the issues to review and strategies to consider to optimise pensions for your clients, while also factoring in the practicalities of it all.

Outlining the pros and cons of transition to retirement to advise your clients, Jemma will help delegates to understand the information and reporting required when a member in transition to retirement attains age 65.

Her session will help delegates in considering whether their client’s pensions should be reversionary, and will also look at the administrative requirements when a pension member passes away, as well as the strategies for clients taking out more than their minimum pension.

“There is a lot of information regarding pensions out there, so hopefully delegates will be able to take back to their practices some of the more practical aspects of commencing and managing pensions for their clients.”

Jemma is also a member of the Organising Committee of this year’s National Superannuation Conference.

“I’ve been affiliated with The Tax Institute for 13 years now. I joined the Institute in 2006 when I also became a member of the WA Education Committee.

I often present for the Institute with respect to SMSFs and super, and The Tax Institute publishes my book, the SMSF Guide, currently in its 9th edition. I am also the convener of the Advanced Superannuation unit for the Tax Institute’s Graduate Diploma in Applied Tax Law.”

“I am a Director at Cooper Partners, a Tax, Superannuation and Accounting practice in Perth. I specialise in SMSFs and estate planning, and have done so for the past 18 or so years.”

“Any time out of work is spent with my two young boys. We have become park and playground aficionados, and it is always fun seeing the sheer delight in the simplicity of going down a slide, or jumping on a trampoline. I also enjoy yoga and tennis, where I get the time to have time to myself.”

Now it its seventh year, the National Superannuation Conference has established itself as the premier event for tax specialists within the superannuation industry, uniquely dealing with the tax issues affecting both the large fund and self-managed superannuation fund (SMSF) sectors.

This year’s Conference takes place 29 - 30 August 2019, in Sydney.

Find out more about Jemma’s session, and the rest of the program on our website.

FURTHER READING: CGT small business concessions and superannuation 


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