This table shows the total benefit payments from SMSFs during each financial year, and average and median amounts over those periods. Benefit payments includes income stream benefits, lump sum benefits, transition-to-retirement (TRIS) and combination payments.
These figures are estimates based on SMSF annual return form data. To ensure consistency, the benefit payments figures used are those reported in the Self-managed super fund statistical report, June 2015.
|
2010 |
2011 |
2012 |
2013 |
2014 |
|---|---|---|---|---|---|
Total benefit payments ($m) |
17,052 |
19,198 |
22,719 |
25,847 |
30,662 |
Average benefit payments ($) |
92,840 |
94,394 |
101,089 |
109,192 |
119,717 |
Median benefit payments ($) |
47,150 |
47,751 |
52,000 |
53,648 |
60,717 |
|
2010 |
2011 |
2012 |
2013 |
2014 |
|---|---|---|---|---|---|
Lump sum benefit |
11.9% |
10.7% |
9.0% |
7.1% |
5.7% |
Income stream benefit |
68.2% |
68.6% |
70.8% |
81.5% |
81.5% |
Transition to retirement benefit |
9.9% |
10.7% |
11.5% |
11.4% |
12.7% |
Combination* |
10.0% |
10.1% |
8.7% |
|
|
*Combination payments were for members who received both lump sum and income stream payments. Because the 2013 SMSF annual return has introduced separate benefit payment labels for lump sum and income stream benefits, this label is no longer reported.
Additional data tables on members rec eiving income stream benefit payments can be accessed in Appendix 1 XLS file.
SMSF members receiving benefit payments in 2014, by age range
Age range |
(%) members receiving benefit payments |
average |
average |
|---|---|---|---|
< 55 |
1.5% |
$35,355 |
$575,697 |
55–59 |
9.5% |
$42,411 |
$832,701 |
60–64 |
26.8% |
$68,566 |
$947,310 |
65–69 |
31.1% |
$78,782 |
$998,189 |
70–74 |
19.0% |
$75,659 |
$1,038,933 |
>74 |
12.2% |
$87,536 |
$1,070,518 |
Unknown |
0.0% |
$124,451 |
$882,987 |
Total |
100% |
$72,439 |
$979,173 |
**Average member balance is calculated prior to benefit payment.