Just prior to 30th June I requested my super fund to rollover funds from pension to accumulation which did not actually occur until 3rd July. In all fairness I did not submit my form until morning of 28th June but rang on 30th June and requested cancellation of rollover after speaking to a customer service officer as it was not going to occur by 30th. The July payment to me was made at the full balance on 1st July and I have since requested the fund to reduce my monthly draw down to reflect 5% of the current balance (which is less the rollover amount) but they refuse to do so saying I must continue with the amount determined on 1st July. I have consulted with both the ATO and a financial adviser who both advise that the monthly payment could now be reduced to 5% of the current balance, but still the fund is adamant that they will not reduce my payment. At first it was a "computer glitch" and would be fixed, when I could not amend the payment online, then I was assured by another customer service officer after allegedly speaking to a manager, that the reduced payment would occur, only to again be told that it is not possible, but nobody from the fund even took the time or initiative to inform me of their decision. Where do I stand.
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but they refuse to do so saying I must continue with the amount determined on 1st July.
That is correct.
I have consulted with both the ATO and a financial adviser who both advise that the monthly payment could now be reduced to 5% of the current balance,
Depends on how your question was understood.
Yes - but only if you were to fully commute the remaining balance to accum, then restart the pension with the lower balance.
You should get proper advice about this, in case there any side-effects.
All replies
but they refuse to do so saying I must continue with the amount determined on 1st July.
That is correct.
I have consulted with both the ATO and a financial adviser who both advise that the monthly payment could now be reduced to 5% of the current balance,
Depends on how your question was understood.
Yes - but only if you were to fully commute the remaining balance to accum, then restart the pension with the lower balance.
You should get proper advice about this, in case there any side-effects.
Thank you
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