One change the Government has made in the “Fair and Sustainable” Bill (compared to the Exposure Draft) is that reversionary pensions will now be “counted” for the purposes of the $1.6m pension transfer cap 12 months after the pension transfers.
Previously, (in the Exposure Draft) the transferred pension was counted six months after it transferred.
Obviously, the Government (and its advisers) have considered at least one comment on the Exposure Draft and modified their position.
This is a reasonable and welcomed alteration.
Media enquiries:
Michael Hallinan
Special Counsel Superannuation
Townsends Business & Corporate Lawyers
t: (02) 8296-6205
Twitter: @TownsendsLaw
michael@townsendslaw.com.au
townsendslaw.com.au