Setting up a pension in a Super Fund -- takes 12 minutes

Question: We have clients who want to move their Super from "Accumulation Phase" to the "Pension Phase". They are ready to retire. I have never done one before.

Answer: I am not sure if your clients are in retail funds or Self Managed Super funds. However, our superannuation lawyer Narelle Pierce, has set out the process which is the same for both:

1. you, as the member, notify the Fund that you wish to start the pension
2. you confirm the Conditions of Release
3. you decided what type of pension you want (there are 2 main choices) and frequency of payment (usually monthly or yearly)
4. the Trustees of the Fund meet to agree to begin paying the pension - attend to any other associated matters
5. the Trustees confirm in writing the amount and frequency of the pension payment
6. the Trustees provide a Product Disclosure Statement setting out the terms of the pension

There are a number of documents to complete to establish the pension. The best way to breathe life into this process is to read the free hints for the Pension Pack at LawCentral www.lawcentral.com.au. Start building the Pension Pack to read all the hints. Start building the LawCentral "Pension Pack".

The Pension Pack has all required applications, minutes, Product Disclosure Statement and notices required for your clients to move from the Accumulation Phase to the Pension Phase. The Pension Pack also has explanatory notes to guide you through the process. It takes about 12 to 36 minutes depending if you read all of the hints. Start building the Pension Pack at LawCentral www.lawcentral.com.au.

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