In this article, we will guide you through the process of completing a TRIS Conversion, and give you detailed information about what a TRIS Conversion is.
What is a TRIS Conversion?
Applies to members who have at least one TRIS (non-retirement) and have turned 65 or satisfied a relevant condition of release with a nil cashing restriction (retirement, terminal illness and permanent incapacity).
You are required to acknowledge this by submitting a TRIS Conversion event for the Transfer Balance Account Reporting (TBAR) before the relevant TBAR record can be generated.
The TRIS conversion to retirement phase will happen automatically when a member reaches age 65. It will also happen when the member notifies their superannuation income stream provider that they have satisfied a relevant condition of release with one of the following: retirement, terminal medical conditions and permanent incapacity
TRIS Conversion Steps
Navigate to Fund Level > Members > TRIS Conversion
- Defaults to relevant member automatically
- Click Submit
Once the event is submitted, the converted balance will then be posted to the TBAR console for lodgment.
Navigate to Business Level > Periodic Processing > TBAR Console
The events will also be added to the member's transfer balance account automatically
Refer to the Pension Review Screen to obtain the minimum pension withdrawal amounts for the member.
Click here for more information on TBAR Processing.