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 

The document can be found under Menu > Documents > Create Documents > Pensions > Pension (Account Based, Market Linked or TRIS)

 

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In the "Pension Details" tab, select the relevant "Condition of Release".

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In the "Pension Details" tab:

Enter the Reversionary Pensioner's (i.e. Reversionary Beneficiary) name. 

A Reversionary Pensioner/Beneficiary will, when it applies on the death of the Member, be entitled to receive the deceased Member's Pension on the same basis as the Member was receiving it. If you would like to specify a different set of terms and conditions, you may provide these in the Reversionary Terms & Conditions section. 

 

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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 "Rollback of Pension" 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.

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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. 


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