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I follow with great interest your super advice and also your two model investment portfolios.
My wife and I have about $4m in our unsegregated SMSF, which has been in pension mode for the last 10 years, of which about two-thirds is mine and one-third is hers. Thus it is likely that I will be about $1m over the $1.6 cap as at 30 June 17. Obviously I can remove this surplus out of super before that date but my financial adviser says that I need to do nothing at all at this stage. He says that after 30 June my portion can be notionally divided into a ‘pension’ component and an ‘accumulation’ component by means of an ‘actuarial certificate’ that will cost around $250, and that this will meet the legal requirements. Is this a valid option since I never see it discussed?
Best wishes.
A: If the assets are unsegregated, then your financial adviser is 100% correct (assuming that you want to leave the money in the super system). All you need to do is a “notional” transfer from pension mode to accumulation mode – the actuary will do an assessment each 30 June to determine the earnings attributable to the accumulation component, and the earnings attributable to the pension component.
Hope this helps.
Regards
