• Table 5: Benefit payments

    This table shows the total benefit payments from SMSFs during each financial year, and average and median amounts over those periods. Benefit payments includes income stream benefits, lump sum benefits, transition-to-retirement (TRIS) and combination payments.

    These figures are estimates based on SMSF annual return form data. To ensure consistency, the benefit payments figures used are those reported in the Self-managed super fund statistical report, June 2014.

    SMSF benefit payments

     

    2009

    2010

    2011

    2012

    2013

    Total benefit payments ($m)

    16,593

    17,087

    19,275

    22,898

    26,424

    Average benefit payments ($)

    101,809

    92,808

    94,369

    100,998

    108,256

    Median benefit payments ($)

    50,944

    47,150

    47,751

    52,000

    53,648

    Types of SMSF benefit payments

     

    2009

    2010

    2011

    2012

    2013

    Lump sum benefit

    13.8%

    11.8%

    10.6%

    8.9%

    6.8%

    Income stream benefit

    66.6%

    68.2%

    68.7%

    71.0%

    81.8%

    Transition to retirement benefit

    9.1%

    9.9%

    10.7%

    11.5%

    11.4%

    Combination*

    10.5%

    10.0%

    10.1%

    8.6%

     

    *Combination payments were for members who received both lump sum and income stream payments. Because the 2013 SMSF annual return has introduced separate benefit payment labels for lump sum and income stream benefits, this label is no longer reported.

    Additional data tables on members receiving income stream benefit payments can be accessed in Appendix 1 XLS file.

    SMSF members receiving benefit payments in 2013, by age range

    Age range

    (%) members receiving benefit payments

    average member
    benefit payment

    average
    member balance**

    < 55

    0.9%

    $77,933

    $612,658

    55–59

    10.6%

    $40,626

    $807,405

    60–64

    28.4%

    $66,867

    $904,954

    65–69

    31.5%

    $71,733

    $939,877

    70–74

    17.8%

    $70,064

    $958,917

    >74

    10.8%

    $77,131

    $996,328

    Unknown

    0.0%

    $98,042

    $714,067

    Total

    100%

    $67,423

    $922,554

    **Average member balance is calculated prior to benefit payment.

      Last modified: 15 Dec 2014QC 43403