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  • Self-managed super funds – legacy retirement product conversions

    On 11 May 2021, as part of the 2021–22 federal Budget, the Australian Government announced that, for a two-year period, individuals will be able to move from a specified range of restrictive outdated pension products to more flexible retirement income products.

    This measure is not yet law.

    The measure will have effect from the first financial year after royal assent. Existing holders of market-linked, life-expectancy and lifetime products will be able to convert their product and move their funds into an accumulation superannuation account.

    They will then be able to:

    • start a new contemporary product, subject to their transfer balance cap, or
    • receive the amount as a lump sum superannuation benefit.

    This measure does not include holders of flexi-pension products or lifetime products in a large Australian Prudential Regulation Authority (APRA)regulated or public sector defined benefit scheme.

    See also:

      Last modified: 11 May 2021QC 65632