Roll over a Term Allocated Pension (TAP) from industry fund to a SMSF

It is very important to examine when the Term Allocated Pension commenced because the Asset- test exemption (ATE) may apply.

– Term Allocated Pension (TAP) purchased prior to 20 September 2004 are eligible for a 100% asset test exemption

– TAP purchased from 20 September 2004 to 19 September 2007 are eligible for a 50% asset test exemption.

– TAP purchased from 20 September 2007 will not receive an asset test exemption.

Our procedure will be the following:

– Setup a SMSF for you – free set up with individual trustees.

– Ensure the trust deed for your SMSF allows a TAP to be commenced.
– Assist you complete a withdrawal form with the existing super provider requesting a rollover.
– Rollover completed after the existing super provider sends a cheque and the rollover paperwork to iCare Super.
– iCare Super prepare  documents for you to commence/establish a new pension that meets the terms of an AET TAP
– iCare Super prepare  a Centrelink Schedule and provide this to you. You inform Centrelink that they have rolled out of your existing AET TAP and providing Centrelink with the schedule you put together.
– Centrelink then delete the old pension from their system and load  up the new pension, making sure that it has the same AET.

Should you have more questions, contact iCare Super today.