From 1 July 2017 a cap was introduced to limit how much can be transferred to a retirement phase pension for a member (and be entitled to tax free earnings), this is the General Transfer Balance Cap (GTBC). It started at $1.6million and was indexed to $1.7 million from 1 July 2021.
If you commenced a retirement phase pension prior to 1 July 2021 you had a Personal Transfer Balance Cap (PTBC) of $1.6 million, however proportional indexation can now apply in some circumstances which complicates matters. f you commenced a retirement phase pension after 1 July 2021 then you have a PTBC of $1.7 million. This may also change again when the next uplift of indexation occurs in future. For more information on how to calculate indexation refer to our fact sheet Indexing the Personal Transfer Balance Cap
To read this fact sheet in its entirety download the PDF version here.