Since 19 September 2007, SMSF's in pension phase are able to pay the following types of benefits:

1.    Lump Sum;

2.    Account based (Pension);

3.    Transition to retirement income stream (TRIS); and

4.    Market linked income streams.

If any of the above benefits contain a Preserved Benefit (PB) and / or a Restricted Non Preserved Benefit (RNPB) a condition of release must be met.  What constitutes a condition of release is outlined in Schedule 1 of the Superannuation Industry (Supervision) Regulations 1994 (SISR 1994).

If an SMSF contains an Unrestricted Non Preserved Benefits (UNPB) this may be cashed at anytime. Refer Regulation 20, SISR 1994.