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Personal Pension Plan

Transfer Balance Cap - payment of an ATO Commutation Authority where you have not provided instructions to us.

 

 

If you hold more than the transfer balance cap1 in one or more retirement phase income stream account(s), you may receive a notice from the ATO requiring you to move the excess (including a notional earnings amount) within 60 days of the date of issue of the notice.

 

If you do not act on the notice, the ATO will issue a Commutation Authority to the Fund requiring us to transfer the amount (including earnings) out of your retirement pension and will provide us with a date that we must comply with (even if you do not provide instructions on your preference).

 

 

How will we process a Commutation Authority if we do not receive instructions from you?

 

If we receive a Commutation Authority from the ATO, we will make reasonable efforts to obtain your instructions by writing to you, however, if we don’t hear back from you by the required date, we will comply with the ATO Commutation Authority and transfer the required amount out of your pension. We will formally notify you of the transfer details and also report it to the ATO. The payment will will be processed as a withdrawal from the superannuation system and we will pay it to your bank account.

 

 

The Commutation Authority amount will be withdrawn in line with your investment allocation.

Disclaimer
Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of super, pension and investment products. This document may include general advice but does not take into account your individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) carefully and assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. A PDS for Colonial First State’s products are available at colonialfirststate.com.au or by calling us on 13 13 36.