Which of the following statements is LEAST consistent with the lecture content on Account Based Pensions (ABP): Question 7Answer

The concessional tax allowances for ABPs are subject to the Transfer Balance Cap.

They allow someone to draw a regular income from their superannuation savings after they have reached their preservation age and permanently retired.

If someone is aged over 60, the income drawn from the ABP is normally tax-free and investment earnings are also normally tax-free as well.

Only a regular income can be drawn from superannuation savings in an ABP. Lump sum withdrawals are not allowed.