The government has released draft legislation to ensure that a reversionary Transition to Retirement Income Stream (‘TRIS’) will always be allowed to automatically transfer to eligible dependents (i.e., upon the death of the primary recipient).
Currently, a reversionary TRIS cannot transfer to a dependant if the dependant has not personally satisfied a condition of release.
If this positive measure is legislated, it will apply to reversionary TRISs from 1 July 2017.
* * * Disclaimer: The information is sourced from NTAA. * * *
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their circumstances.
