--- title: Account Based Pension Current Year Pension Payment description: The Account Based Pension ("ABP") Current Year Pension Payment documents have a member application to pay a pension payment under an ABP, with the Trustee reviewing the application and setting up a bi --- [Skip to content](https://info.lightyeardocs.com.au/supportcentre/hc/en-us/articles/360026332113-account-based-pension-current-year-pension-payment#main-content) English Show submenu for translations [![Asset 46@4x](https://info.lightyeardocs.com.au/hs-fs/hubfs/Asset%2046@4x.png?width=273&height=50&name=Asset%2046@4x.png)](https://www.lightyeardocs.com.au/) Open main navigation Close main navigation - English Show submenu for translations Your Gateway to Growth and Achievement! - There are no suggestions because the search field is empty. 1. [Success Hub](https://info.lightyeardocs.com.au/supportcentre?hsLang=en) 2. [How to Videos](https://info.lightyeardocs.com.au/supportcentre/how-to-videos?hsLang=en) 3. [Current SMSF Income Streams Documents](https://info.lightyeardocs.com.au/supportcentre/how-to-videos?hsLang=en#current-smsf-income-streams-documents) # Account Based Pension Current Year Pension Payment ### **About Product** The Account Based Pension ("ABP") Current Year Pension Payment documents have a member application to pay a pension payment under an ABP, with the Trustee reviewing the application and setting up a binding resolution to make the payment as requested by the member. **► $49.00 (inc GST)** - OR provided under your unlimited membership (exc ASIC fee) ► The master document has been signed off by LY Legal and is congruent with Australian law. ### **General Information** It is a legal requirement for an ABP recipient to receive a minimum pension payment in any income year with no maximum. The minimum is set down in the super regulations. There is no maximum, however an amount over the minimum may be a commutation payment and act as a debit against the member’s TBAR account. ### **Benefits** - Easy to use and apply with the member choosing how much ABP income they desire to be paid each income year. - A pension payment must be taken and cannot be in-specie; however can be used with a Promissory Note to fund an asset acquisition. - Is not tested against the member’s Pension Transfer Balance. - Minimum pension deeming rules to help ensure minimum pension benefits rules are met in any income year. - The member can elect to take a commutation payment in excess of their minimum pension balance to create a debit in the members pension TBAR. ### **Frequently Asked Questions** **What terms and conditions are available for ABP income payments?** The Trustee must pay the members TRIS at least 4% of the income but may elect to take more as an income stream or a commutation payment. **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](https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts?hsLang=en) . **Is this document a legal document?** All master documents have been signed off by LY Legal lawyers. LY Legal advises that *“at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD 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 LYD 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 LY Legal. 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 LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact [support@lyd.com.au](mailto:support@lyd.com.au). **What lawyers sign off on the LYD documents?** All LYD documents are prepared and signed off by LY Legal. **Are the LYD documents reviewed regularly?** All LYD documents form part of the LYD 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@lyd.com.au](mailto:support@lyd.com.au) to request a sample document for you to review. 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