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Please help me your ideas
A person born in November 1958 , apply APB on 01/05/2023, Is it consider 64 years old at start pension ?
If 64 years old and still working , can he/she apply ABP on 01/05/2023 with balance Unrestrict Non Preseved components in Member Statement and in "Retirement phase account balance" in Tax Return?
or he/she only have to chose apply for TRIS until reach 65 years old ?
If 64 years old and stop working Full time / Part time job by 01/05/2023 but still keep sole trader business , can he/she withdraw full member balance?
Many thanks
Hello
Where a superannuation fund member is 64 years old and wants to commence a pension, such as an Account-Based Pension, the fund member either needs to satisfy a condition of release (such as "retirement") or have an interest in their fund that has been properly characterised as Unrestricted Non-Preserved.
Assuming the 64 year old fund member has an Unrestricted Non-Preserved (UNPB) interest in their superannuation fund, they are eligible to commence an Account-Based Pension in relation to that UNPB interest.
Where a 64 year old has commenced an Account-Based Pension (either as a result of satisfying a condition of release or having had an UNPB interest), the pension will be a "retirement phase" pension and not a TRIS.
If a 64 year old has stopped working a full-time or a part-time job (where the individual was working for gain or reward for at least 10 hours a week) which is unrelated to a sole trader business they still own, this will satisfy the definition of "reitrement" for a person that is at least 60 years of age. Refer to Regulations 6.01(7) and 1.03 of the Superannuation Industry (Supervision) Regulations 1994. Hence, they will have satisfied a condition of release to withdraw a lump sum. Potentially, the lump sum could equal the fund member's entire fund balance.
Thanks