Simplified set of minimum pension standards

It is my understanding that from 1 July 2007, a new simplified set of minimum pension standards will come into effect. Can you please confirm this and what the rulings are?

Yes, that is correct. Satisfying these rules will ensure the tax exemption for pension payments for recipients aged 60-plus and the tax exemption for the underlying pension assets.
The new minimum pension standards are outlined as follows:
•nbsp;No maximum income payment*
•nbsp;No commutation restrictions apply*
•nbsp;An amount or percentage of the pension cannot be prescribed as being leftover when the pension ceases.
•nbsp;The pension can only be transferred on the death of a pensioner:

   •nbsp;As a continuing (reversionary) pension paid to a person who is a dependant under both the Superannuation Industry (Supervision) Regulations and Tax Acts, or
   •nbsp;As a lump sum when paid to a non-tax dependent, such as an adult non-dependent child or the estate.
•nbsp;Payments of a minimum amount must be made at least annually.
*Except for transition to retirement pensions.

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