Transition to retirement income streams … a comprehensive guide

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A transition to retirement income stream (TRIS) is an income stream a retiree can access once they attain preservation age, but before they meet another condition of release like retiring.

Key points:
> From 1 July 2017, a TRIS will not be eligible for an Exempt Current Pension Income (ECPI) until the pensioner attains age 65 or reports a condition of release.
> A retirement phase TRIS is eligible to make lump sum payments, but they won’t count towards meeting minimum pension requirements.
> Review clients nearing age 65, or who intend to report a condition of release, should check they won’t exceed their Transfer Balance Cap when the TRIS moves to
retirement phase.
> Legislation has been proposed to apply retrospectively from 1 July 2017 to ensure a TRIS can revert to an eligible beneficiary and be in retirement phase.

 

(Click on the cover page image for the full document).

 

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