Benefit Payment Request

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Merry McKinney
5 years ago
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1 Benefit Payment Request Please print in black or blue pen, in uppercase, one character per box. A Benefit Payment Request - Instructions Important information about accessing superannuation benefits Accessing superannuation benefits is a strictly regulated aspect of superannuation. It is the cornerstone upon which tax concessions are offered, namely that the sole purpose of superannuation is for the provision of retirement and related benefits. Therefore, special eligibility tests, commonly known as Conditions of Release, must first be satisfied by a member before access to their superannuation is permitted. These instructions are provided as a general guide only and are not designed to deal with every circumstance or condition under which a member may access their benefits. If you are unsure of whether you have satisfied a Condition of Release, you should consult a qualified and licensed professional for advice. The Benefit Payment Request This Benefit Payment Request is an application by you, a member of the self-managed super fund, to the Trustee, to have a benefit paid to you. This application and the information you provide in this Benefit Payment Request is a requirement of the Trust Deed and the Relevant Requirements. It is also used to assist us to determine: the eligibility; nature; size and, if applicable, frequency of the payment(s); and, where to make the payment. If we are unable to establish any of these payment elements, we will endeavour to contact you. Step 1 Fund and member details Please provide your Fund name and your contact details. Step 2 Eligibility If you wish to access your Unrestricted Non-preserved benefit (if you have any), you do not have to satisfy a Condition of Release. Otherwise, to be able to receive a benefit payment from a superannuation fund, a Condition of Release must be satisfied. If you have reached 65 years of age, or are over 60 years of age and have ceased gainful employment since reaching age 60 (although may still be working in another employment relationship), or have reached your Preservation Age (see below) and have permanently retired, and do not intend to be employed again on either a full time or part time basis, you have satisfied a Condition of Release. Alternatively, if none of these conditions are satisfied, you may wish to commence a Non-commutable Transition to Retirement (TRIS) pension which generally only requires that you have reached your Preservation Age. Some other conditions of release include: Death; Terminal medical condition; Permanent incapacity; Temporary incapacity (benefit paid only as income) Step 3 Form and amount of benefit payment A lump sum payment is a one off cash withdrawal from superannuation, paid directly to you. Alternatively, you may elect to receive a pension (income stream). Once you have reached your Preservation Age you can commence a Transition to Retirement Income Stream (TRIS). There are a number of restrictions that apply to a TRIS, including an annual maximum drawdown limit.

2 Preservation Age is age 55 for individuals born before 1 July Otherwise, Preservation Age is as shown below: Date of Birth Preservation Age 1 July 1960 to 30 June July 1961 to 30 June July 1962 to 30 June July 1963 to 30 June After 30 June If you have satisfied a Condition of Release, you may commence an Account Based Pension which does not have the same limitations as a TRIS. You choose to bind the Trustee to continue to pay the income stream to your surviving Spouse by nominating them as your Reversionary Pensioner. If you are not fully aware of all the issues you must consider before commencing a pension or completing this form, you should consult a qualified and licensed professional for advice before completing this form. Step 4 Pension payment details A pension is an income stream that is paid by a superannuation fund (in contrast, an annuity is an income stream that is paid by a life insurance company). Pensions, to be defined as such, must meet certain payment standards, some of which relate to the size and frequency of payments. For example, at least one payment of no less than a statutory annual minimum amount must be paid each fiscal year. With this in mind, a pension may be established to make payments by direct credit at a frequency nominated by the member. Regular payments can be arranged to be made on any date between the 5th and 24th of a month. Dates outside these can cause breaches of minimum or maximum income rules if they fall on a weekend due to the way banks process periodic payments. Step 5 Payment instructions Pension payments shall be made by direct credit to your nominated bank account. You are not permitted to assign your pension payments to another person or entity except upon death. One off Lump Sum benefit payments may be paid by direct credit or cheque. Step 6 Signature By signing this Benefit Payment Request, you confirm that you are aware of the conditions applicable to superannuation benefit payments and the consequences of requesting a benefit payment from your superannuation. You also confirm that where appropriate, you have consulted a qualified and licensed professional for advice, taking into consideration your personal circumstances in regards to this Benefit Payment Request. Please send the signed form: By (scanned electronic copy) to selfmanagedsuper@mercerwealthsolutions.com.au Fax to (02) By post to Mercer Self-Managed Super, Locked Bag 1100, Edgecliff NSW 2027 If you send the form by or fax, please do not also post the form because this may result in the request being processed twice.

3 Benefit Payment Request Please print in black or blue pen, in uppercase, one character per box. A Step 1 Fund and member details To the Trustee(s) of: (Fund name) I, (Member s name) Date of birth / / Of, (Street address) Suburb State Postcode Telephone Step 2 - Eligibility I am accessing my Unrestricted Non-preserved benefit. I confirm that I have satisfied the following Condition of Release (choose one only): I have reached age 65; I am age 60 or over and have ceased gainful employment since reaching age 60; I have reached my Preservation Age and have retired from gainful employment and have no intention to be employed on either a full time or part time basis; I have reached my Preservation Age and continue to be gainfully employed (TRIS only); I have a Terminal Medical Condition; I am Permanently Incapacitated; I have Temporary Incapacity;

4 Step 3 Form and amount of benefit payment I request a benefit payment in the form of a (choose one only): Lump Sum $ (plus any applicable tax) paid as a Lump Sum (go directly to Payment Instructions); Preferred payment date / / (leave blank if payment is required as soon as possible) Transition to Retirement Income Stream (TRIS) Preferred commencement date / / $ applied to purchase the income stream; % of my Member Account Balance to purchase the chosen income stream In the event of your death, do you wish to bind the Trustee to continue to pay the income stream to your surviving Spouse as a Reversionary Pensioner? No (please proceed to Step 4 Pension payment details). Yes. I understand that this nomination is binding on the Trustee (please provide your Reversionary Pensioner s details below). Spouse s title: Mr Mrs Ms Miss Dr Spouse s gender: Male Female Date of birth / / Spouse s given name(s): Spouse s surname: Account Based Pension Preferred commencement date / / $ applied to purchase the income stream; % of my Member Account Balance to purchase the chosen income stream In the event of your death, do you wish to bind the Trustee to continue to pay the income stream to your surviving Spouse as a Reversionary Pensioner? No (please proceed to Step 4 Pension payment details). Yes. I understand that this nomination is binding on the Trustee (please provide your Reversionary Pensioner s details below). Spouse s title: Mr Mrs Ms Miss Dr Spouse s gender: Male Female Date of birth / / Spouse s given name(s): Spouse s surname: If the benefit is not paid or pension does not commence on the preferred date nominated above, the benefit will be paid or the pension will commence as soon as possible after the preferred date.

5 Step 4 Pension payment details (not applicable for lump sum benefit payments) With respect to my income stream, I would like my payments paid to me (choose one only): Monthly Quarterly Annually I elect to take (choose one only): Minimum annual amount (pro-rated where applicable) Maximum annual amount (applicable to TRIS only) $ per annum (before any applicable PAYG tax is withheld) Step 5 Payment instructions Please pay the benefit to me by (choose one only): Cheque, made payable to me (lump sum benefit payments only, pension payments must be paid by direct credit). Direct credit to my bank account below: Account Name: Institution: Branch: BSB: - Account Number: Step 6 Signature By signing below, I confirm that I am aware of the conditions applicable to superannuation benefit payments and the consequences of requesting a benefit payment from my superannuation. I also confirm that where appropriate, I have consulted with a qualified and licensed professional for advice taking into consideration my personal circumstances in regards to this request. Signature Please send the signed form: By (scanned electronic copy) to selfmanagedsuper@mercerwealthsolutions.com.au Fax to (02) By post to Mercer Self-Managed Super, Locked Bag 1100, Edgecliff NSW 2027 Date / / If you send the form by or fax, please do not also post the form because this may result in the request being processed twice.

Payment instruction form

Payment instruction form Please complete and sign this form to provide your payment instructions. Mail the completed form to: Plum Super, Reply Paid 63, Melbourne Vic 8060. If you need assistance in completing