Included in the Div296 legislation is a change to Total Super Balance (TSB), specifically for those people with defined benefit pensions. Currently those pensions on commencement report a special value (16 x annualised amount) to TBA and that figures is also used for TSB. The law proposes to change this to have a value of the defined benefit pension re reported for TSB purposes. If the proposal gets through the legislative process can anyone confirm if the defined benefit pensions will be revalued for total super balance purposes for the key reporting date of 30/06/2026?
The legislative start date is expected to be 1/07/2026, TSB is normally reported by funds by 31 October.