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At the heart of general practice since 1960

Can a partner stop superannuation contributions and raise their drawings?

One of our full time equity partners has stopped their superannuation contributions (as a result of financial advice they have received as they are >60 and about to negotiate 24 hr retirement). In the interim until this is decided they have increased their monthly drawings to {full time partner share} PLUS {figure equating to 1/12 of another "similar" fulltime partner employers superannuation}.

I was under the impression the "fund" for the employers superannuation was incorporated into the global sum and, as such, if this money is not directed specifically their way in the practice accounts as they have decided to stop pension contributions, should it not be treated as global practice income and be shared amongst the other partners/or amongst those of us continuing to make pension contributions?

Bob Senior of Tenon Group

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