Van, who is 59, was born on 1 July 1956. He has $1,100,000 in his superannuation fund, consisting of $300,000 in non-concessional contributions. He has decided it is about time to begin receiving his superannuation benefits and wants to take a lump sum to pay off his mortgage, buy a new car and pay some debts. The amount he needs is about $430,000. Whatever remains in superannuation after payment of the lump sum he would like to commence an income stream.
