Advantages of having just 1 pension account

by

Ed.

From www.smsfadviser.com: Combining multiple smaller pension accounts into a single larger account can lead to numerous administrative and compliance challenges.

Individuals often accumulate multiple pensions because contributions cannot be added to an existing pension’s capital, complicating the process of merging them.

The transition requires careful steps, including ensuring minimum payments, managing tax components, and fulfilling various documentation requirements, making it an administratively burdensome endeavour.

Filed under: Superannuation