A: Thanks for the question.

If one of the member’s is under 55, then they cannot commence a TTR.

Each member has their own account balance – so for the member who is over 55, you start a TTR and effectively move their account balance to the pension phase, whilst the member under 55 stays in the accumulation phase.

This is why you will need an actuarial certificate – it is the job of the actuary to apportion the fund (contributions and earnings) between the respective members.