The Treasury is seeking submissions regarding exposure draft legislation to ensure that a reversionary Transition to Retirement Income Stream (TRIS) will always be allowed to automatically transfer to eligible dependants upon the death of the primary recipient.
Currently, a reversionary TRIS requires that the dependant beneficiary satisfies a condition of release before the benefits are paid from the interest, otherwise the TRIS will cease.
The inability for a TRIS to automatically revert where the dependant has not met a condition of release has resulted in administrative difficulties for funds and potentially requires recently bereaved dependant beneficiaries to engage with their superannuation quickly.
Submissions are sought on the exposure draft legislation and explanatory materials.
No submissions are currently available.