HQB’s Weekly SMSF News – Week 17

Transition to Retirement Income Stream (TRIS) in Self-Managed Super Funds – What are they?

• Essentially a TRIS is an account-based pension from where lump sum payments can only be made in limited circumstances
• Transition to retirement allows people to access their superannuation benefits without having to retire or leave their jobs providing they have reached Preservation Age
• Preservation age is the minimum age that a member can access their preserved super benefits without satisfying another condition of release. The preservation age is 55 for those born before 1 July 1960 and for those born after this date the preservation age is higher
• There are a number of standards that must be satisfied in the SIS regulations if you are to commence paying a TRIS and a number of steps that must be taken in setting up a TRIS

If you would like to discuss the details of your own personal circumstances and want to know more about TRIS then don’t hesitate to contact us. Navigating the minefield of SIS regulations to ensure your self-managed super fund remains compliant is complex and the ramifications of non-compliance can be very costly.

– Catherine Stojcevska

Posted 02.02.2023

This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.