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How to include or exclude a Transition to retirement income stream (TRIS, formerly known as TTR)

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Modelling TRIS

Pathfinder can model an existing or new transition to retirement income stream, or TRIS (formerly known as Transition-to-Retirement (TTR) pensions). You can use the

Robot button

 (Robot) button to let Pathfinder calculate when to start the TRIS, how much to rollover and how much to draw as a pension (recommended), or you can choose to completely exclude the TRIS or set when to start it and how much to roll over. Pathfinder will always keep within the legislation. For example, it will not start a pension if the individual is not eligible to do so, and it will keep to minimum and maximum pension withdrawal requirements. Please see the steps in the table, below, for details on where to find the options.

How to include a TRIS for an individual

Make sure the rest of the case data has been entered

Although you may need to adjust your data inputs after reading these instructions, before you start these instructions, it is assumed that you have already entered the majority of the case data already, including:

  • Superannuation funds and/SMSFs (although more details about entering the ABP are below)
  • Annual living expenses
  • Personal details, assets, loans, income and expenses

For more details, see Entering Data in Pathfinder and Minimum data required for Pathfinder

(if required) Enter the existing TRIS balance, if the individual has already started one

If the individual has already started a TRIS:

  1. Go to the Current situation step (top menu), then the Super and Trusts step.

  2. Add the Superannuation fund or SMSF and its investments (for more see Superannuation (a.k.a Super) or SMSF (Self-Managed Super Fund))
  3. The TRIS account balance should be entered in the Pension phase balance field:
    1. On Superannuation funds, this field is on the investment(s) inside the fund
    2. In SMSFs, this is in the on the SMSF in the 'Member' section

NOTE: you do not need to enter how much the individual is currently drawing as a TRIS because Pathfinder will calculate this for you.

Allow TRIS to be included in the strategy

Allow TRIS to be included in the strategy:

  1. Go to the Retirement planning sub-step (under the Cash flows & Goals step on the top menu)
  2. For the selected individual, for the Allow transition to retirement field, choose the 

    Robot button

Check retirement age has been entered
  1. At the Retirement planning sub-step (under the Cash flows & Goals step on the top menu)
  2. For the individual, make sure the Retirement age field is filled in - Retirement age is used to calculate eligibility for a TRIS, so do not leave this field blank. Note that if the individual retires after starting a TRIS, then Pathfinder will automatically convert it to an tax-free account-based pension.

(Optional) Choose options for controlling when to start the TRIS from the superannuation fund. You can let Pathfinder calculate it for you, or you can st more specific options.

These options are only currently available for superannuation funds, not SMSFs.  Currently, Pathfinder will calculate pensions for SMSFs, and there are no additional options to set alternatives (these will be added in a later release).

To let Pathfinder calculate if/when to start the TRIS, based on the individual's eligibility and expenses, you just need to make sure the Robot option is chosen.

Depending on which other options you have chosen on your super funds, different fields will display:

  • If the Custom options or Options for withdrawals fields are set to 
    Robot button

    , leave them as they are.  This will cover letting Pathfinder calculate the TRIS and you don't need to choose any further options.
  • If Options for withdrawals has not been set to 'Control withdrawals/pension', then the Pension payments (TRIS/ABP) field will be visible and you should set it to 
    Robot button

To set when to start the TRIS and specify how much to roll over

  1. Go to the Cash flows & Goals > Review super funds step and find the super fund
  2. For the Custom options field, choose 'More options'
  3. Then for the Options for withdrawals field, choose 'Control withdrawals/pension'
  4. Then for the Pension payments (TRIS/ABP) field choose 'Control pension payments'. This will show the fields for starting a pension and how much to rollover.

Also note:

  • If you would like to choose specific options for Pension payments, it is recommended you compare the results with a scenario where you have set 'Pension payments (TRIS/ABP)' to 
     (robot), so you can see how big the projected difference is. For more, see How to make another scenario for comparison
  • Pathfinder will automatically convert a TRIS to a tax-free ABP, once the individual is eligible to do so
  • Avoid choosing options which will force Pathfinder to exceed the transfer balance cap when rolling funds over to the Pension phase.  If the transfer balance cap is reached in your case, it will be reported in the 'Solve events' box, and then you can check the Detailed reports.  Pathfinder may make commutations or violate constraints, so carefully review the results, and adjust if necessary. If an individual reaches their transfer balance cap, it is strongly recommended you set 'Pension payments (TRIS/ABP)' to 
    since Pathfinder's optimiser works best when it's unrestricted.

How to exclude a TRIS for an individual

To exclude a TRIS for an individual:

  1. Go to the Retirement planning sub-step (under the Cash flows & Goals step on the top menu)
  2. Under the individual, for the Allow transition to retirement field, change it to 'No'

NOTE: If the individual will not be eligible to start a TRIS in the projections, or will have sufficient income to meet expenses without starting a TRIS, then you can leave the Allow transition to retirement field as the default 'Robot' option (Pathfinder won't start a TRIS in these circumstances, anyway)

Reviewing the results for a TRIS

See How to review the results for a transition to retirement income stream (TRIS)

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