Add more money to Pension Phase
Members who are in pension phase have added more contributions to their SMSF. They want to move the contribution into the pension accounts. There are two options available to them:
Option 1: Starting a new pension
The first option is to set up a new pension with those new funds. You can have as many pension accounts in the fund as you wish.
Option 2: Reset the existing pension
The other option is to reset your current pension. Resetting a pension is simply the process of commuting an existing pension, adding in any additional funds that have been contributed from the Member’s accumulation account balance, then re-commencing the pension with the new, combined balance.