Q: If an account-based pension was originally started with $2 million (matching the transfer balance cap) and has since grown to $2.2 million, what happens if the entire amount is rolled back into the accumulation phase? Specifically, what is the maximum amount that can then be used to start a new pension? Ian
A: With the increase in the transfer balance cap for superannuation pensions becoming $2 million from July 1, starting a pension with this amount is now a realistic proposition.
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