SMSF - starting a 2nd pension

Discussion in 'Superannuation, SMSF & Personal Insurance' started by money, 9th Jun, 2018.

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  1. money

    money Well-Known Member

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    If someone currently has one existing pension account in their SMSF and next month they will start a 2nd pension account, does each pension account need separate bank accounts to segregate the two different pensions or one is sufficient? Same with investments eg. shares being traded, does there need to be two brokerage accounts in operation, or is one brokerage account ok? If one, what will happen if the money gets mixed and shares are bought, therefore many shares could end up being owned by both pension accounts somehow? There will also be the issue of some funds being in accumulation phase in conjunction to the two pensions. Would the actuary doing the actuary certificate sort all this out?
     
  2. Ross Forrester

    Ross Forrester Well-Known Member

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  3. money

    money Well-Known Member

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    I've read that link but to me it's a bit confusing to understand it all.

    You mentioned law changes banning segregation, does that mean for a SMSF it's best to have one bank account and one broker for shares, not more than that so nothing gets segregated?
     
  4. Vicki S

    Vicki S Well-Known Member

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    Just pay for an actuarial certificate.
     
  5. money

    money Well-Known Member

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    Ok, one bank account & one broker for shares and actuarial certificate will sort it all out. Good, easy :)
     
  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Financial and tax advice may address ways to do this tax free.. its not a big issue unless you have no adviser. The advice services could eliminate the tax. No actuarial cert also.

    Bank accounts and brokers are very difficult sometimes as pension assets. Depends on no of members and other issues

    If someone suggests bank accts be split to get pension exemption its prob an accountant. Warning.
     
    Last edited: 11th Jun, 2018
  7. Mike A

    Mike A Well-Known Member

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    Wont be from a dover adviser as of today.

    That was terribly managed
     
  8. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    It seems to have been a key person issue which the media wont fathom. No key person means no AFSL and its automatic the license terminates. Based on the disclosures at Royal Commission its hardly likely another adviser would act as the key person for succession. I think ASIC said no.....Wish they did more of it to be honest.

    Any Dover client should immediately see another licensed financial adviser.