My SMSF consists of my wife and myself with a majority of funds in my wife’s name (as I have preserved benefits with PSS – which appears to be the best place to leave until really necessary to withdraw/CPI indexed pension). My wife is 58 and permanently retired whilst I am 57. I am currently retired but may return to employment in a few months’ time. Should I start a simple account based pension or a transition to retirement stream – issues such as lump sum withdrawals seem to indicate the pension approach is best at this stage. My wife’s accumulation account will be converted to a simple pension. The SMSF has been audited for the 2009 financial year. If I and my wife now request the SMSF to commence income streams can the date of commencement still be 1 July 2009 so that I can take advantage of tax free status for the full financial year (I only require income payments annually in June 2010). As the fund has been audited and the only investments are shares and cash, and assuming the pension can commence on 1 July 2009, do I still need an actuarial statement. Can specific share investments be allocated to each member?