My wife and I have run an SMSF since 1985. The fund is now in pension mode. For a variety of reasons we decided to liquidate the assets within the SMSF and roll the proceeds into an industry super fund. We opened accounts with an industry super fund on 5/07/2017 with approximately 70% of the funds in the SMSF on 30/06/2017, with the balance to be rolled over before 30/06/2018. We have made provision for our pension payments for the current year based on the value of the fund on 1/07/2017.The industry fund has told us that we need to withdraw a minimum pension for each of us (5% of the sum invested with them) in the current financial year. This would result in us having to withdraw 5% each from our SMSF as well as from the industry fund. This would mean that we would be withdrawing 10% of our total funds in superannuation in this financial year. My understanding is that minimum pension withdrawals for any year are based on account balances on 1 July of that financial year and therefore we would not have to draw a pension from our industry super fund until after 1/07/2018. Would like to know whether my interpretation of the rules is correct.