Q: Do I have to withdraw a minimum amount from amounts transferred to an accumulation account, as I do with my pension account?
A: No, only account based pensions and transition to retirement pensions require a minimum set percentage of the account balance to be paid to the pensioner each year.
Where defined benefit pensions are paid from the fund, the amount required to be paid annually is determined through an actuarial valuation.
It is also a common misconception that amounts transferred from a pension account to accumulation cannot be withdrawn from superannuation.
Any amount used to provide an account based pension must have met a condition of release (retirement, reaching preservation age or reaching age 65, whichever is the earlier).
Meeting any of these conditions of release means that the benefits are totally non-preserved and can be withdrawn from superannuation at any time.