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What types of pensions can be paid by a Self Managed Superannuation Fund (SMSF)?
Since 19 September 2007, SMSF's in pension phase are able to pay the following types of benefits:
1. Lump Sum;
2. Account based (Pension);
3. Transition to retirement income stream (TRIS); and
4. Market linked income streams.
If any of the above benefits contain a Preserved Benefit (PB) and / or a Restricted Non Preserved Benefit (RNPB) a condition of release must be met. What constitutes a condition of release is outlined in Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994 (SISR 1994).
If an SMSF contains an Unrestricted Non Preserved Benefits (UNPB) this may be cashed at anytime. Refer Regulation 20, SISR 1994.