BT technical consultant Tim Howard said while nothing has specifically changed in this area from a legislative point of view; the APRA guidance paper certainly reinforces the rules around employment arrangements and conditions of release.

“Following APRA updating Superannuation Prudential Practice Guide SPG 280 in June this year, financial advisers now have additional clarity around when clients age 60 and over with multiple employment arrangements may access their preserved super benefits,” said Mr Howard.

“APRA has confirmed that when a member, who has two or more gainful employment arrangements has reached age 60, they will meet a retirement condition of release if they were to cease any one of these arrangements.”

Given the recent changes to the tax treatment of the earning on assets supporting TRISs, he said, it is now even more important to consider whether a member can start a retirement phase pension such as an account-based pension or convert their existing TRIS into an account-based pension.

The second most topical query was in regards to how a TRIS with a reversionary beneficiary can validly pass to the nominated beneficiary after death.

“Parts of the new super laws and supporting commentary from the ATO point to the reversionary beneficiary themselves needing to satisfy a condition of release at the time of the original member’s death,” said Mr Howard.

“While this is creating a degree of uncertainty from an estate planning point of view, a number of industry participants are currently seeking further clarification on the issue”.