For those of you with allocated pensions and transition to retirement allocated pensions the new tax year means some changes. Allocated pensions must comply with government legislation that determines how much money you can draw down as a pension.
How much you can draw is recalculated each year at june 30th and is affected by both your age and current super balance, meaning your payments may go up or go down. Due to the excellent returns achieved so far this financial year most people should find a slight increase in their pension payments.
It is particularly important to check your statement or talk to your financial adviser about these changes if need be, especially those on a transition to retirement allocate pension.
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by Simon Tworek
Simon is a Financial Adviser at Insight Wealth Planning. He has an advanced diploma and masters in Financial Planning and has a strong technical background.
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The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.