Rise in the preservation age
Before an SMSF starts paying a transition to retirement income stream (TRIS) to a member, the member must have reached their preservation age. From 1 July 2015, the legislated rise in the preservation age, which is now based on date of birth, comes into effect.
It applies to anyone born after 30 June 1960.
If a member turned 55 before 1 July 2015, they qualified for a TRIS and the change in preservation age is 56.
The preservation age continues to rise until it reacges 60.
For members born between:
- 1 July 1960 to 30 June 1961, the age is 56, and a TRIS can start in 2016/17.
- 1 July 1960 to 30 June 1961,
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