Member request and trustee acknowledgment of Minimum Pension Reduction re Covid

Per the ATO members who took advantage of the 50% reduction in the minimum pension payment should have a record of their request and a trustee minute acknowledging the reduction. Can you please add standard documentation for this? Thank you

Hi KayBee,
Did you ever receive a reply regarding your question? Thanks

Hi Voula, no, not yet.

Hi KayBee,
The software generates pension letters, minutes etc based on the pensions paid. The fact that the ATO has allowed the reduction is not something that has to be identified. The pension paid is either sufficient to meet the legislation of the day, or it is not. BGL has updated the Pension Summary schedule to show the “new” minimum to alert you to any problems. Hope this helps. Have a good day.

Hi Hugh. Thanks for your reply. Unfortunately the auditors are wanting this documentation as per the ATO response to a specific query: https://www.ato.gov.au/law/view/document?DocID=SAV/COVID19-FAQ/00008&PiT=99991231235958?=Redirected_URL

In particular, the reply to the question about - Does my SMSF trustee need to document a reduction in my pension payments if it occurs in accordance with the reduced minimum… The reply was Yes, it’s important your SMSF trustee documents the change and the reason for the change. This could be recorded in a minute or other contemporaneous document.

A standard template within our documents would be preferred to creating this ourselves.

Hope that helps with the reason for the request.

Auditors!! they can be annoying. You had better have your members have a meeting with themselves, write themselves a letter, consider the ramifications and write back to themselves. The joys of SMSF.