From 1 July 2017, a cap of $1.6m will be introduced on the amount you can transfer into the tax-free retirement phase. Anyone with a total retirement phase balance in excess of $1.6m will generally be required to either commute the excess amount back to accumulation phase or withdraw the excess from superannuation altogether. Further, transition to retirement (TTR) pensions will not be treated as retirement phase income streams from 1 July 2017.