5) We charge extra for Roll back kit
We do not have a product called Roll back Kit. However our deed does allow the member to roll back their pension account to accumulation account. Please read below.
79. The trustees may, on the request of a member, rollover or transfer the benefit of the member from the pension account of the member to the accumulation account of the member, on a commutation or rollover of a pension within the fund as prescribed in superannuation law. The trustee may accept this rollover in the accumulation account of the member.
All that is required is the member writing to the trustee to convert his superannuation interest from pension account to accumulation account. For the benefit of those who are intending to use this strategy, here is what the member has to write (By the way, it is free):
Member will write to the trustee;
"Trustee Name
I would like my pension commenced on xxx date to be converted (rolled back) to accumulation phase as allowed by clause 79 of the trust deed as from the date of this notice.
Signed
Member
Date"
Trustee will close the pension account and transfer the balance to an existing accumulation account of the member or commence a new accumulation account and write to the member
"Member Name
We have closed your pension account and transferred your superannuation interest to your existing accumulation account / a newly created accumulation account {delete one} from xxx date"
Signed
Trustee
Date"
We do not have a product called Reserving Kit. However our deed does allow the trustee to transfer income of the fund to a specially created reserve account. Please read below.
110. The trustee may transfer a portion of the income account, at its own discretion, available for distribution, to any reserve account created in the fund.
Having a reserve account does not suit every fund and is based on future anti detriment payments which the fund may or may not be entitled to pay depending on availability of dependants upon death of a member.
Further if the member is on pension and there is a reserve account in the fund, an actuarial certificate will be required each year if the reserve account are invested together with assets supporting a pension as assets supporting the reserve account cannot claim exempt pension income.
If the SMSF wants to allocate some income to a reserve account, all that is required is the trustee minuting the amount each year. For the benefit of those who are intending to use this strategy, here is what the trustee has to minute (for free);
Trustee Minutes
"It has been decided to allocate $xxxx from income of the fund to the reserve account. The balance income of the fund $xxx is to be allocated as below
Member 1 $ xxxx
Member 2 $ xxxx
Member 3 $ xxxx
Member 4 $ xxxx"
Our Last word to MGS
By condemning others and deeming other people and the thought of profiting from mistakes made by others may satisfy your sadistic ego, but will never give you peace.
Concentrate on drumming on what is good about your product instead of pointing what is wrong with colleagues - this way; you will make friends instead of enemies and come out as a winner in the long run. Finally, remember, Live and Let live & the lord has already decided that "all are winners".
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*) Our clause 147 states
A member is entitled to all of their benefits to be paid as a pension from the fund upon attaining preservation age. On written request from a member, the trustee may commence paying such a pension to the member in accordance with superannuation law.
**) The following is extracted from our Product Disclosure Statement of our pension documents
Ø Once the pension has been purchased by the member of the fund, the members should understand that after the commencement day, it cannot accept any addition by way of contribution or rollover to the purchase price of the pension. However, new contributions can be made to a separate newly created accumulation account.
The following clauses are extracted from our Pension Agreement
8) The member must ensure that the total pension withdrawal in a financial year is above the minimum limits legislated in the SIS Act and the SIS Regulations.
10) The member understands and agrees that after the pension has commenced, the member will not be able to contribute any more money to the pension account.
11) The trustee agrees to open another accumulation account for the member for new contributions by the member or member's employer or for rollovers from other funds
13) The trustee agrees that at the commencement of each financial year, the trustee will advise the member the minimum or maximum amount, in case of simple pension which the member can withdraw, as a pension in the financial year.
Send your answer to 
MGS claims that our SMSF Trust Deed relies on these deeming clauses where these deeming clauses cannot be used
Reg 1.06 (1) If a benefit is to be taken to be a pension if the rules of the fund "do not permit the capital supporting the pension to be added to by the way of contribution or rollover after the pension has commenced.
MGS conclusion is since the two clauses are not in the "SMSF trust deed" AND since you cannot rely on "deeming clause" hence the two clauses are not in the "rules of the fund". Further, since the two clauses are not in the rules of the fund, any pension paid by the fund is a not a valid pension or a pension complying to superannuation law.
The member / trustee should not only rely on the SMSF Trust Deed for the rules of the fund but also on "other documents" including any pension documents. This pension document is an important part of the rule of the fund as it sets out all the pension conditions which the member is entitled from the SMSF and cannot be avoided at the commencement of a pension.
By providing a free Pension Kit (we must admit, we have not reviewed MGS product - we just do not have the time like MGS does), does not mean that the trustee will be able to use it to prepare complete pension documents, as with time, pension conditions as set out in SISA and SISR change - e.g. pension kit provided in 2006 is completely useless for pension now. Hence providing a Pension Kit now for a member intending to go on pension in a year could be dangerous.
in case of death of the member. In our opinion no "one kit" is suitable to all circumstances. For that reason we have developed
