Who do I tell if I'm retiring?
Monday 12 May, 2008 | SuperLiving
Q:
Q: I HAVE my own SMSF, and I am think of retiring when I reach the age of 60. What is the procedure for retiring? Who should I inform and what forms, etc. do I need to complete to do so?
Our expert, Greg Meyers, is a principal and senior financial planner with Royal Cornell Financial Services.A: Your superannuation benefits will be classified into three components – preserved, restricted non-preserved or unrestricted non-preserved.
You can only access the unrestricted non-preserved component.
If you want to access your super, you need to advise the trustee of your superannuation fund that you have retired so that your benefits can be made unrestricted non-preserved.
I would suggest that you write a letter to the trustee(s) of your fund advising them of your retirement, and then as trustee, note that the fund records that the balance of the member’s account is unrestricted non-preserved, and record a trustee minute to that effect.
As part of your retirement plan, you may want to set up a pension from your SMSF. This is a little more involved and should be done with the help of your adviser or accountant.
Our expert, Greg Meyers, is a principal and senior financial planner with Royal Cornell Financial Services. His phone number is (08) 9325 4255 and his website is at www.royalcornell.com.au
