There are benefits even if you’ve already started an income stream (as well as potential opportunities to get more into your fund)
would apply to everyone. Can you confirm that it is fixed forever at the amount legislated when it was converted to an income stream? I have other assets that I intend to put into super through non-concessional contributions, and ideally, they would go into any increase in the cap should it be available beyond my current cap of $1.63 million. Charles.
As someone who retired three years ago, in 2020, the general cap that applied to every new pension was $1.6 million. That said, indexation would only occur where the CPI increase results in the cap rising by $100,000 or more. This resulted in an increase in your cap equal to 30 per cent of the indexed amount of $100,000, which is $30,000.
Regarding your wish to make further contributions to super in the form of non-concessional or after tax amounts from other assets you own, Colley says this depends on your total super balance. In addition to the standard non-concessional cap, it is possible that if your total super balance is between $1.48 million and $1.59 million, you may be able to bring forward up to one year’s standard non-concessional contribution – this is triggered in the first year in which your non-concessional contributions exceed your standard non-concessional contributions cap.
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