I have just realised that one of my pensions has a Term Deposit in it ONLY. ie no liquid cash. i need to pay the minimum pension (2%) by the end of June.
I have Pension #2 with heaps of cash in it.
3 options???
Option 1:- I thought Id just transfer some cash into Pension 1 from the acculumation account, then pay the pension -The ATO says "NO" I cant add to pension
Option 2:- Then I thought I might pay Pension 1 payment out of pension 2? but the ATO says "NO" -I must pay the pension from its own account.
Then I thought I'd roll back pension1 to accumulation phase then add some cash from the accumulation account and restart pension 1. The ATO says "NO" because I must pay the minimum pension payment BEFORE I roll it back.
Mmmmm Catch 22 everywhere. - question
How do I pay the minmum pension payment?
What happens in practise if I cant? (Non complience - hefty fine???)
