What is the difference between a TRIS and an account-based pension?

The main difference between these two pensions is that, unlike a TRIS, an account-based pension (ABP) generally can only be commenced once the member has satisfied a condition of release with a nil cashing restriction (such as retiring after reaching preservation age, or attaining age 65).  That is, unlike a TRIS, it is not sufficient for the member to simply reach preservation age in order to commence an ABP – the member must also then retire for the purposes of the superannuation legislation.

Also, unlike a TRIS, there is no maximum limit to the amount that may be paid under an ABP each year – if the member so wishes, the entire pension account of an ABP can be paid at any time.