Before you commence a Pension (SABP or TRAP) your SMSF Benefit is recorded in your "Accumulation Account". When you commence a SABP/TRAP your SMSF Benefit is transferred and recorded in your "SABP Account" / “TRAP Account”. These are simply "Accounting Entries" in your SMSF and do not require separate Bank Accounts for each Account Type.
Unlike Retail Funds, a SMSF can accept contributions (subject to the normal contributions rules) and rollovers after the SABP/TRAP has commenced. These contributions and rollovers continue to be made to the Transaction Bank Account setup for your SMSF. When you make additional contributions and rollovers to your SMSF after you commence a SABP/TRAP, they are allocated to your "Accumulation Account".
This will mean that you will have two "Accounting Accounts" at the same time in this case, namely a "SABP Account" or “TRAP Account” paying your Pension and an "Accumulation Account" which represents the additional contributions and rollovers made to your SMSF after commencing the Pension. The difference between each Account is the "SABP Account" does not pay tax on earnings and realised capital gains but the "Accumulation Account" and “TRAP Account” do pay tax on earnings and realised capital gains at up to 15%.
Importantly ESUPERFUND tracks each component and provides a breakdown in each Member's Member Benefit Statement. No action is required by you.