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Mclowd User Guide for SMSF Trustees

Select the type of payment the member has requested for the pension account you are establishing.

Whole Accumulation Balance:

The entire balance in the accumulation account will be transferred to the new pension account.

The Purchase Price field will display the full accumulation account balance. (The Accumulation Account balance will now revert to $0.)

 

13_9_9_NewMemberAcct_BreakdownofAccBalance

 

Partial:

In the Purchase Price field, enter the amount you wish to transfer from the Accumulation Account to the Pension Account. (The Accumulation Account balance will reduce by this amount.)

13_9_10B_NewMemberAcct_PurchaseDetailsPartial

 

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