Current SMSF Income Streams Documents
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      Account Based Pension

      About the Product

      The LightYear Docs Account Based Pension ("ABP") provides a regular income stream from a member's accumulation account. It includes reversionary pension options and strategies, whilst ensuring the optimisation of benefits under the Pension Transfer Balance rules.

      This document encompasses standard ABP legal requirements as per the SIS Act 93 and the Fund’s trust deed. It also enables the pension member to incorporate sophisticated estate planning, with terms and conditions for any reversionary pension members to take in the event of the death of the member.

      ► $129.00 (inc GST) - OR provided under your unlimited membership (exc ASIC fee)

      ► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.

       General Information

      The Account Based Pension ("ABP") includes reversionary pension options and strategies, whilst ensuring the optimisation of benefits under the Pension Transfer Balance rules.

      Benefits

      • Easy to complete, use and apply.
      • Reversionary pension options included.
      • Sophisticated terms and conditions for reversion to enable strong SMSF estate planning capabilities.
      • Ensures that the spouse or dependent continuing the pension is able to delay the testing of the Transfer Balance.
      • Can be easily commuted, rolled back, converted to a lump sum or split jointly on death to reversionary pension beneficiaries.
      • Minimum pension deeming rules to help ensure that minimum pension benefits rules are met in any income year.

      Frequently Asked Legal Questions

      What terms and conditions are available for reversionary beneficiaries?

      The terms and conditions cover when the reversionary beneficiary is alive, dead, incapacitated or seeks to have flexibility on the receipt of the pension. 

      Can the pension be used for a second spouse and then on death go to the children of the first marriage?

      The original pension member may limit pension receipts in any income year, but not below the minimum pension level, as well as limiting commutation payments.

      How long does this document take to assemble?

      Depending on the complexity of the data, this document should take approximately 30-50 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

      Is this document a legal document?

      All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

      However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed  legal document provided by Abbott & Mourly.

      The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

      “if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

      Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances.  The Court held that this process was legal work.

      Is the document easy to read?

      All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

      What lawyers sign off on the LightYear Docs documents?

      All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

      Are the LightYear Docs documents reviewed regularly?

      All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

      Can I get a sample of this document?

      Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.