Super death benefits & strategy beyond 1 July 2017 – WA Superannuation Intensive


1 July 2017 saw the biggest changes to superannuation in almost a decade. While professionals have generally come to grips with what the new rules mean, they are still working through a number of practical aspects.

One area of particular complexity is superannuation and death benefits, touching as it does on diverse areas including income streams, transition to retirement pensions, estate planning and even insurance.

At the 2018 WA Superannuation Intensive in March, Colonial First State's Craig Day will present the session ‘Super death benefits and strategy beyond 1 July 2017’, looking at the recent reforms and exploring the direct and indirect implications of the changes.

Craig Day
We spoke with Craig about some of the issues facing advisers. 

“2017’s super reforms had a significant impact on estate planning as it relates to superannuation. The session I’ll be presenting in March provides an in-depth analysis of the changes and a summary of the potential strategies advisers should be considering for their clients,” he said.

“It’s important for professional advisers to understand the potential impacts of the 1 July 2017 super reforms on their client’s super estate planning needs, and that’s something I’ll try to drive home in the session. It’s imperative that they act to implement strategies that will assist their clients deal with the changes.”

Looking at options for death benefit payments, Craig’s session will also cover retirement phase income streams, transition to retirement pensions and death benefits. He will also expand on the impacts and interrelationships between estate planning and pension payment options and super contribution strategies, and will take a look at insurance in super in a post 1 July 2017 world.

“In particular, the session will look at the changes to the death benefit cashing rules and how those rules interact with the transfer balance cap that came into place on 1 July 2017. Specifically, it will explore the restriction the cap applies to the payment of death benefits pensions, when transfer balance cap credits arise after the payment of death pensions, and the strategies professional advisers can employ to reduce any adverse impact of these changes,” Craig said.

“Advisers need to be aware that death benefit pensions count towards a beneficiary’s transfer balance cap. Therefore, they will need to consider a range of strategies to ensure clients are not forced to pay money out of the super system where this is not desired.”

As the Executive Manager of Colonial First State’s technical services team, FirstTech, Craig has close to 20 years’ experience in the financial services industry. In his role, he provides specialist technical support to the Commonwealth Bank of Australia’s investment, superannuation and advice businesses and acts as a media spokesman for Colonial First State on superannuation and retirement planning issues. Craig has been presenting at The Tax Institute’s seminars and conferences for over 10 years and is actively involved in providing ongoing specialist adviser education.

This year’s Superannuation Intensive will also feature a pensions workshop run by Jemma Sanderson CTA, and sessions that will look at claiming the CGT relief, investing in SMSFs, and a presentation from the ATO that will review the compliance challenges associated with the implementation of the reform measures and the impact of the new rules for practitioners.

You can view the full program on our website. Please join us for the WA Superannuation Intensive in Perth on 22-23 March 2018.

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