From www.smsfadviser.com: The Social Security (Waiver of Debts – Legacy Product Conversions) Specification 2025 aims to assist SMSF trustees and advisers by clarifying the complexities surrounding legacy retirement products and their implications for social security assessments.

The waiver addresses potential social security debts that retirees might face due to commutation of income streams that were previously exempt from the asset test.

The specification allows the secretary of the Department of Social Services to waive certain debts, thereby ensuring that changes to superannuation products do not negatively impact retirees’ entitlements.