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  • 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 2015.

    SMSF benefit payments

     

    2010

    2011

    2012

    2013

    2014

    Total benefit payments ($m)

    17,052

    19,198

    22,719

    25,847

    30,662

    Average benefit payments ($)

    92,840

    94,394

    101,089

    109,192

    119,717

    Median benefit payments ($)

    47,150

    47,751

    52,000

    53,648

    60,717
    Types of SMSF benefit payments

     

    2010

    2011

    2012

    2013

    2014

    Lump sum benefit

    11.9%

    10.7%

    9.0%

    7.1%

    5.7%

    Income stream benefit

    68.2%

    68.6%

    70.8%

    81.5%

    81.5%

    Transition to retirement benefit

    9.9%

    10.7%

    11.5%

    11.4%

    12.7%

    Combination*

    10.0%

    10.1%

    8.7%

     

     

    *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 rec eiving income stream benefit payments can be accessed in Appendix 1 XLS file.

    SMSF members receiving benefit payments in 2014, by age range

    Age range

    (%) members receiving benefit payments

    average
    benefit payment

    average
    member balance**

    < 55

    1.5%

    $35,355

    $575,697

    55–59

    9.5%

    $42,411

    $832,701

    60–64

    26.8%

    $68,566

    $947,310

    65–69

    31.1%

    $78,782

    $998,189

    70–74

    19.0%

    $75,659

    $1,038,933

    >74

    12.2%

    $87,536

    $1,070,518

    Unknown

    0.0%

    $124,451

    $882,987

    Total

    100%

    $72,439

    $979,173

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

      Last modified: 16 Dec 2015QC 47533