How to create a Pension Document


How  can I create a Pension document?


This article outlines how to use the NowInfinity platform to establish a Pension/Income Stream for a member.

Navigate to Menu > Create Document. The Pension Document is located under the "Pensions" heading.



Step 1: Fund Details

Enter in the details of the member's Fund.

NOTE: It is very important that you have read through and applied the Fund's Deed as it is key in determining what type of pension may be paid from the Fund. 



Step 2: Trustee

Enter the details for the Trustee/s of the SMSF. 



Step 3: Member

Enter the details of the Member who will be commencing the Pension.



Step 4: Pension Type

Select the applicable Pension Type:

  1. Account Based Pension is a retirement income stream which you can commence only once you've met a condition of release (under Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994 ('SISR')). The most common condition of release is retirement, as defined by 6.01(7) SISR. In an Account Based pension, there are certain legal requirements of a Pension Member e.g. the Pension Member must take a minimum payment each year from their account. 
  2. A Market Linked Pension is an example of a complying retirement income stream, that is payable from a superannuation fund, which has been available since 20 September 2004. This type of pension is not commonly seen since the removal of the 50% Centrelink Asset Test Exemption in 2007. However, it is still used in circumstances such as where a person is rolling over from an existing Market Linked Income Stream. 
  3. The Transition to Retirement Income Stream (TRIS) allows people who have reached their preservation age (i.e. the minimum age that a member can access their preserved super benefits without satisfying another condition of release: for those born before 1 July 1960 the preservation age is 55, and for those born on or after 1 July 1960 it is higher) to access his or her superannuation benefits as a non-commutable income stream without the need to retire from employment. The amount paid must meet a specific minimum and also cannot exceed 10% of the account balance on the commencement of a TRIS for the year it starts on, or on 1 July for each subsequent year. For further information, click here




Step 5 : Pension Details

Enter the Pension details, as applicable.mceclip0.png



  • Pension Account Balance - Amount to be converted to the Pension (Note the Transfer Balance Cap)
  • Current Year Payment - Amount based on the required minimum annual payment, pursuant to the SIS Act. 
  • Tax Free Percentage - For any contributions that are non-taxable/non-concessional.
  • Reversionary Pensioner Name (if applicable) and Reversionary Terms and Conditions - for further information: How to establish a "Reversionary Pension"

Then, select the relevant Condition of Release. mceclip1.png

Step 6 : Asset Segregation 

If applicable, add assets that are identified as supporting the member's pension account. 



Step 7 : Presentation and Ready to submit

Select your Presentation option and Complete.


Further Information

Pension Commencement: Ordering checklist

How to establish a "Reversionary Pension"




Was this article helpful?
0 out of 0 found this helpful
Have more questions? Submit a request