--- title: "SMSF Investment Strategy: Is Yours Ready for Retirement Phase?" description: SMSF trustees must review the fund's investment strategy regularly. Learn what to cover, when to review, and why pension phase changes the picture. image: https://trekkadvisory.com.au/hubfs/Blog%20Images/smsf-investment-oct-blog.png --- [!["Trekk Advisory" logo: bold black "Trekk" in modern font with smaller red "ADVISORY" below on a white background.](https://trekkadvisory.com.au/hs-fs/hubfs/Logos/trekk-advisory-logo-black%201.png?width=150&height=75&name=trekk-advisory-logo-black%201.png "\"Trekk Advisory\" logo: bold black \"Trekk\" in modern font with smaller red \"ADVISORY\" below on a white background.")](https://trekkadvisory.com.au) - [Featured services](https://trekkadvisory.com.au/how-we-help) - [Business accounting](https://trekkadvisory.com.au/small-business-accountants) - [Clarity Bookkeeping](https://trekkadvisory.com.au/clarity-bookkeeping) - [Xero cloud accounting](https://trekkadvisory.com.au/xero-cloud-accounting) - [Advice + business advisory](https://trekkadvisory.com.au/business-advisory-services) - [Tax minimisation + planning](https://trekkadvisory.com.au/tax-minimisation-and-planning) - [Self-managed super funds](https://trekkadvisory.com.au/self-managed-super-funds) - [Business Valuations](https://trekkadvisory.com.au/business-valuations) - [How we help](https://trekkadvisory.com.au/how-we-help) - [Understand your numbers](https://trekkadvisory.com.au/how-we-help/understanding) - [Grow your numbers](https://trekkadvisory.com.au/how-we-help/growth) - [Leverage your numbers](https://trekkadvisory.com.au/how-we-help/leverage) - [Who we are](https://trekkadvisory.com.au/our-team) - [Resources](https://trekkadvisory.com.au/information-centre) - [Get in touch](https://trekkadvisory.com.au/contact) - QLD - [Brisbane](https://trekkadvisory.com.au/brisbane) - [Gympie](https://trekkadvisory.com.au/gympie) - [North Queensland](https://trekkadvisory.com.au/north-queensland) - [Rockhampton](https://trekkadvisory.com.au/rockhampton) - NSW - [Northern Rivers](https://trekkadvisory.com.au/northern-rivers) [Download: Success Checklist](https://trekkadvisory.com.au/business-success-checklist) ![Trekk Advisory team members working through documents together around a meeting table during a business advisory session](https://trekkadvisory.com.au/hubfs/Blog%20Images/smsf-investment-oct-blog.png) October 26, 2026 By Eryan Haddon # SMSF Investment Strategy: Is Yours Ready for Retirement Phase? ##### Share: - - - Many SMSF trustees treat the investment strategy as a document that gets signed off once a year so the auditor is happy. It's an understandable habit. It's also a missed opportunity. Done properly, the review is one of the most useful things a trustee can do for their retirement. It asks a simple question: does the way this fund is invested still match what the members need from it? ### What the law requires Superannuation law requires SMSF trustees to formulate, regularly review and give effect to an investment strategy that considers the whole of the circumstances of the fund. There's no set timeframe for "regularly". It's commonly accepted to mean at least annually, and that lines up with what the ATO expects. Some trustees review at the start of a new financial year, while others do it when they go over the completed accounts from the year before. Neither is right or wrong. What matters is that you choose the approach that suits your situation. Either way, you'll need to show your auditor that you've reviewed the strategy and documented what you decided, whether that's a change or a conclusion that the existing strategy still works. ### Other times to review An annual check is the minimum. It can also make sense to review the strategy when: - there's a market correction - a member joins or leaves the fund - a member starts a pension in the fund > A member starting a pension is one of the most important triggers. It tends to change the fund's liquidity needs and investment profile. ### What the strategy should cover An investment strategy generally has two parts. The first is the **investment objective**, which sets out what the fund is trying to achieve, such as a certain return over a certain period. It usually reflects the members' ages, retirement needs and appetite for risk. The second is the **investment strategy** itself, which explains how the fund will pursue those objectives. That might include asset ranges or specific assets the fund will hold. When reviewing it, trustees must consider: - the risk and expected returns of particular investments, in light of the fund's objectives and cash flow needs - how the investments are spread, and the risk of inadequate diversification - the liquidity of the investments, given expected cash flow needs - the fund's ability to meet existing and future liabilities - whether insurance cover should be held for one or more members These are matters to consider, and it's up to the trustees to decide how they apply. For example, you must think about diversification, but that doesn't mean you must be diversified. Plenty of funds hold just a property and a bank account, and that can be entirely appropriate. What matters is that you document why you chose those assets and why the lack of diversification suits the fund. The same goes for insurance. There's no legal requirement to hold cover for members, but you do need to record that you've considered it. ![smsf-investment-oct-blog-content](https://trekkadvisory.com.au/hs-fs/hubfs/Blog%20Images/smsf-investment-oct-blog-content.png?width=300&height=300&name=smsf-investment-oct-blog-content.png) ### Why the pension phase changes the picture While members are all in the growth phase, expenses tend to be predictable, and many funds don't need large cash reserves. Once members start drawing on their benefits, through a pension or lump sums or both, cash flow and liquidity become far more important. This is where problems can appear. Heading into the end of a financial year, some trustees find they don't have enough cash to meet even the minimum pension payments. There can be several reasons, but it should prompt a question about whether the current strategy is still appropriate. Take the fund with one property and one bank account. During the growth phase, that may have been a perfectly reasonable strategy. But does it still work during the drawdown phase? > If the rental income from a property can't support your retirement needs and the minimum pension payments, something needs to change. Many Australians have an affinity for bricks and mortar, and that's fine. But it doesn't make property the right choice in every circumstance. The same applies to other investments that can't be sold quickly, such as holdings in unlisted companies and trusts. If your fund holds property, it's worth reading our guide to [SMSF property valuations](https://trekkadvisory.com.au/information-centre/smsf-property-valuations-how-to-get-ready-for-audit-season) alongside this one, since the strategy and the valuation evidence both feed into what your auditor wants to see. ### More than a legal requirement You've worked hard to build your retirement wealth, and when the time comes, you want to be able to enjoy it. An investment strategy that reflects the fund's current position is a big part of making that possible. Looking at your fund's cash flow alongside the asset mix is a practical way to test whether it will hold up once pensions begin. For SMSF trustees, that’s a conversation worth having with an adviser who understands [SMSF advisory](https://trekkadvisory.com.au/self-managed-super-funds) and the fund’s full picture. So, have you reviewed your strategy lately? If you’d like a hand, [call or email the team at Trekk Advisory](https://trekkadvisory.com.au/contact) to arrange a review of your fund’s investment strategy. *Disclaimer: This article is general information only and does not take into account your personal circumstances. Please speak with a qualified adviser, or contact Trekk Advisory, to discuss how this applies to your situation.* #### About Author [Eryan Haddon](https://trekkadvisory.com.au/information-centre/author/eryan-haddon) Eryan is an Director of Trekk Advisory and operates from our Townsville and Mount Isa offices. She's been in Public Practice for over 20 years because she loves working with business owners to achieve their version of success - whether its more profit, more cash, more time - It's all about being a part of a team and being able to share those 'F\*ck yeah!' moments with her clients when we get results that make a difference. Outside of work, you will probably find her getting ready for a game at the netball courts or touch-field (OR in the car driving her two daughters from one sport to the next). Being active and sharing this with her daughters is something special, and she wouldn't have it any other way. Eryan is all about motivating her team, clients and herself - it's about being strong, confident and humble - so she'll often share little nuggets of wisdom. One of her fave pieces of advice is "Stand up for the things that matter, don't settle, don't apologise for who you are . . . Be f\*cking brave" - Lisa Messenger and she loves a motivational podcast to get her going; Oprah's Super Soul, Crappy to Happy! #### Related Posts [![Trekk Advisory team members working through documents together around a meeting table during a business advisory session](https://trekkadvisory.com.au/hubfs/Blog%20Images/smsf-investment-oct-blog.png)](https://trekkadvisory.com.au/information-centre/smsf-investment-strategy-is-yours-ready-for-retirement-phase) October 26, 2026 #### [SMSF Investment Strategy: Is Yours...](https://trekkadvisory.com.au/information-centre/smsf-investment-strategy-is-yours-ready-for-retirement-phase) Many SMSF trustees treat the investment strategy as a document that gets signed off once a year so... 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