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.
You can submit responses to this consultation up until 23 February 2018.
Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
How to respond
Address written submissions to:
Retirement Benefits Unit,
Retirement Income Policy Division
Parkes ACT 2600