SUPERCentral News
It seems that the banks will be the winners: they have the existing products and will not have to invent a new structure to house these products, and they are also the lenders.
Senator Sherry, the minister with portfolio responsibility for Superannuation, has indicated that the Government will review the marketing and governance of self managed super funds (also known as DIY funds).
In this situation the transition to retirement pension simply transforms into an account-based pension.
Where a member who is receiving a transition to retirement pension suffers a Terminal Medical Condition, the pension immediately changes to an account-based pension.
If a member has commenced a transition to retirement pension and then subsequently suffers a terminal medical condition, the member will now be able to commute the pension and receive the commutation lump sum tax free.
These pensions are fully commutable.