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Reversionary TRISs - corrective legislation has now received Royal Assent
Legislation to ensure that Reversionary Transition to Retirement Income Streams (TRISs) will not be precluded from transferring to a nominated reversionary beneficiary simply because the nominated reversionary beneficiary is not in retirement phase has now received Royal Assent and is in operation.
This correction will mean that reversionary TRISs can transfer to reversionary beneficiaries whether or not the reversionary beneficiaries are in retirement phase (ie satisfied an unrestricted release condition – such as being age 65) at the date of death of the primary beneficiary of the TRIS.
The correction will apply retrospectively from 1 July 2017, being the date when the anomaly arose due to the application of the “Fair and Sustainable” super changes.
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