From www.smsfadviser.com: New legacy pension regulations, effective from December 7, 2024, will impact lifetime complying, life expectancy, and market-linked pensions, along with reserve accounts and flexi pensions.

The regulations allow legacy reserves distributed to remaining members to count against non-concessional caps instead of concessional caps, with certain distribution exemptions available.

Commutations of legacy pensions may affect Centrelink asset test exemptions and potential benefit losses from the date of the commutation forward.