Reversionary benefits and the $1.6 million Transfer Balance Cap

SCOA Australia has today lodged a submission in response to Treasury’s Treasury Laws Amendment (Miscellaneous Amendments) Bill and Regulations 2019 exposure drafts which seek to correct an anomaly in relation to the calculation of CSS and PSS defined benefit reversionary pensions in relation to the $1.6 million Transfer Balance Cap which came into effect on 1 July 2017.

The issue has been dealt with in a number of issues of SuperTime;  see for example page 4 of the February 2019 issue of the newsletter.

The proposed amendments, once registered, are backdated to also take effect from 1 July 2017.

Click here to read SCOA’s submission.

Canberra 25 March 2019