How to establish a "Reversionary Pension"

Question

How do I establish a Reversionary Pension?

Answer

This article provides information on the following scenarios:

Scenario 1: Commencing a new Pension

Scenario 2: The Pension has already commenced without a Reversionary Pensioner/Beneficiary appointed 

Scenario 1: Commencing a new Pension 

1. Open the document from Menu > Documents > Create Documents > Pensions > Pension (Account Based or TRIS)
   
   
2. Within the tab "Pension Type" select "Yes" to "Is this a Reversionary Pension?"
   
3. Complete the details of the Reversionary Pension requested.

Scenario 2: The Pension has already commenced without a Reversionary Pensioner/Beneficiary appointed 

In this situation, there are two options:

Option 1: You may use the NowInfinity platform's services to:

• Complete the "Pension Commutation (Partial or Full)" document form to convert the Pension back to accumulation mode; and then
• Use the "Pension" document to effectively restart the Pension with the relevant Reversionary Pension details.

Note:  You will need to review your/your client's circumstances to determine whether this option is appropriate, given the implications relating to the transfer balance cap.
 
Option 2: Email legal@nowinfinity.com.au if you would like to be referred to our legal services provider for a review and recommendation as to whether amendments can be made to your existing pension on a fee-for-service basis.