I am looking at changing my account based super pension fund. How does the balance transfer cap actually work? Do I need to commute the pension into an accumulation fund and then transfer it to the new fund? How will the balance cap be worked out?
Lets look at this example. If a pension has a 500 K balance cap attached to it as from 1 July 2017 and is commuted to an accumulation fund so it can be transferred out to a new pension fund will that 500 K cap still be attached to it?
What I don’t want to happen is to have 2 lots of 500 K attached to the cap. There are limited clear instructions on the web for me to check. Anyone have any links or ideas on this? Thank you.
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