The $1.6 million transfer balance cap revisitedBY KIMBERLEY NOAH, WILLIAM FETTES | VOLUME 11, ISSUE 4![]() The $1.6 million transfer balance cap (TBC) imposes a limit on the total amount that a fund member can transfer into an exempt (retirement phase) pension. The TBC was introduced ... Get articles like this delivered to your email - Sign up for the free weekly newsletter ![]() More Articles |
Latest News
Australian Ethical calls out QBE
|Australian Ethical has called on QBE to justify why it's allowing the continued unrestricted underwriting of new oil and gas projects.
NZ Super recognised for two decades of outperformance
The New Zealand Superannuation Fund is the world's best-performing sovereign wealth fund over the past 20 years.
Rest details internal program to reform death benefit processes
Rest has disclosed the existence of 'Project Scarlet,' an internal program that the fund's carried out over the past 18 months to improve its death benefit claims processes.
Coalition's super on PPL plan 'deeply worrying'
The Coalition has confirmed plans to make paying super on Commonwealth Paid Parental Leave optional.
Further Reading
Cover Story

Climbing to the top
DANIEL SHRIMSKI
MANAGING DIRECTOR
VANGUARD INVESTMENTS AUSTRALIA LTD
MANAGING DIRECTOR
VANGUARD INVESTMENTS AUSTRALIA LTD
Vanguard Australia managing director Daniel Shrimski is determined to propel the investment giant's superannuation product into the top 10 funds by assets under management by 2030. It's an audacious goal, even for a fund backed by the world's second largest asset manager. Andrew McKean writes.
You have correctly addressed certain aspects of the TBC which could be regarded as unfair or at best applying unequally to persons on a Super related Pension. However, I would like to raise another issue resulting from the introduction of the TBC which I regard as unfair and which only applies to persons who do not own a home. As no consideration is given to such persons in deterring their TBC this results in a situation where such persons are in my opinion grossly disadvantaged in comparison to those who do own a home. There are many persons who have for example just about their TBC or not much more in their Super savings but have always rented or chosen to rent in preference to home ownership. Now, if those people purchased a home and consequently reduced their Pension they would be eligible (given all other factors are equal), to claim up to a full old age pension from the Government's coffers. So I believe one can fairly argue that such persons are grossly disadvantaged in comparison to people who for example own a $2M (or more), home but still get the benefit of the full TBC.