Pension checks and complex cases

Pension standards

Check the minimum payment against age, the relevant opening balance, commencement date and actual payments. Confirm any pro-rating or exception with records. A calculation cannot fix a failure to meet the pension standards.

Refer for specialist review

Defined-benefit pensions, uncertain pension status, reserves, death benefits, insurance proceeds and unusual terms can change the required treatment. Non-arm’s length income, elected asset segregation and disregarded small fund assets also need careful review.

PS 406 covers unsegregated superannuation liabilities. PS 409 covers segregated superannuation asset certificates. PS 410 covers opinions on defined-benefit pensions. Which standard applies depends on your fund.

Record open questions

Record what is uncertain, the dates and amounts, the members affected and the documents you have. Keep the final answer with the application and update the inputs if needed.

Checklist

• Check actual payments against the pension requirements.
• Flag contradictions and incomplete records.
• Do not lodge using an unresolved estimate.