Thank you for everyone who contributed to the discussion here which I found helpful. May I ask a related question here: I assume the $1.6M transfer balance cap covers all the transfers within a person’s industry pension funds as well as in his/her private smsf funds? Otherwise everyone will take advantage of the loophole. For example, if a person has about $400K in a smsf TRAP fund as well as about $900K TRAP setup in an industry fund. If she turns 65 in 2 years time and on her 65th birthday, all her two TRAPs will automatically be converted to account-based pensions and be subjected to the transfer balance cap. So, she has to keep an eye on how much those funds will increase for the next 2 years.
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