This article provides information on the differences between a reversionary and a death benefit pension.
|What it is||Minimum Pension||TBAR Reporting|
Continuing pension from the deceased member to the beneficiary
Can be viewed under Pension > Pension Detail > Centrelink Schedule Data Report
|Minimum Pension for the beneficiary receiving the reversionary pension is the same as the deceased member in the financial year the Reversionary Pension starts||
Transfer Balance Account will be credited (Effective Date) after 12 months from the date the beneficiary receives the Reversionary Pension (Effective Date).
Must lodge the TBAR record with the ATO for their respective period.
|Death Benefit Pension||Not a continuing pension||Minimum Pension for the Beneficiary receiving the Death Benefit Pension is based on the member's age and pro-rata from the the pension start date.||Transfer Balance Account credits immediately|