From 1 July 2017, the rules of the game have changed.
Commencing an account based/retirement pension
From 1 July 2017 the Government introduced legislation limiting the amount of money that a person, having met a condition of release (generally retirement or age 65) can use to commence an income stream to no more than $1.6m. This is known as accessing you transfer balance cap (TBC) and can be done so by establishing an account t based pension.
Transition to Retirement Income Streams (TRIS)
From 1 July 2017, a transition into retirement income stream (TRIS) is no longer able to claim the exempt pension income, meaning the assets of a TRIS are taxed in the same manner as an accumulation account from this date, at 15%.
The following fact sheet can provide further assistance
A more comprehensive guide to accessing your transfer balance cap and establishing an account based pension can be found below: