Q: I am a 67-year-old who started an account-based pension in my SMSF in July 2022. My July 1 fund balance this year is expected to be around $800,000. For the coming 2023-24 year, I understand I must withdraw a minimum $40,000 pension, being five per cent of the account balance. However, I may have difficulty doing this. I expect to be able to withdraw $10,000 in August and $10,000 in February 2024. To maximise the tax exemption on the income in my SMSF, I have read that I should do a partial pension roll back or partial commutation. Is this correct? Luke

A: As a trustee of a self-managed super fund paying a pension, a key responsibility is ensuring your fund has enough cash to meet the required minimum age-related pension payments each year.