Q: Can I get a sample of this document?

Yes, please email <a id="menur8u0" class="fui-Link ___1q1shib f2hkw1w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1s184ao f1mk8lai fnbmjn9 f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn" title="mailto:support@lyd" href="mailto:support@lyd" target="_blank" rel="noreferrer noopener" aria-label="Link support@lyd">support@lyd .com.au to request a sample document for you to review.

Question 1

What happens on the death of the pension member?

Accepted Answer

The pension does not stop, unless there is no further reversionary beneficiary, but continues on. For example, it may start at John Smith with a reversion to his wife Sally Smith and then to his eldest grandson Fergus who was a financial dependant of John at the time of John’s death.

Question 2

How is the reversionary beneficiary impacted from a pension transfer balance account perspective?

Accepted Answer

For a spouse – it is to be included in their transfer balance cap 12 months from the date of the death of the original pension member. This enables a commutation of the pension in that time if it is an issue.

If it is commuted to an adult child it will not impact their pension transfer balance.

If it goes to a child beneficiary, then it is included as part of their pension transfer balance cap. However, that will be reduced by any commutation payment, which may be required at age 25 under the superannuation laws.

Question 3

How long does this document take to assemble?

Accepted Answer

Depending on the complexity of the data, this document should take approximately 30-50 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

Question 4

What does the package include?

Accepted Answer

The LYD Addition of a Reversionary Pension package includes:

► Deed upgrade to ensure that the special process used for adding a reversionary pension is available as this is not a feature of non-LYD SMSF deeds
► Application by a member to add a reversionary pension beneficiary
► Provision of terms and conditions in relation to the reversionary beneficiary or chain of beneficiaries
► Trustee resolution to confirm the pension in accordance with taxation and superannuation laws

Question 5

When can the LYD Addition of a Reversionary Pension package be implemented?

Accepted Answer

It is perfect to start once an existing account based pension is identified.

Question 6

Is this document a legal document?

Accepted Answer

All master documents have been signed off by LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LYD platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by LY Legal.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Question 7

Is the document easy to read?

Accepted Answer

All LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.

Question 8

Are the LYD documents reviewed regularly?

Accepted Answer

All LYD documents form part of the LYD internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

Question 9

What lawyers sign off on LYD documents?

Accepted Answer

All LYD documents are prepared and signed off by LY Legal.

Question 10

Can I get a sample of this document?

Accepted Answer

Yes, please email support@lyd.com.au to request a sample document for you to review.