Can we add to our SMSF after set up our transition into retirement Allocated Pension?

Q.

We're both 56 years old and we've set up a Self Managed Super Fund with most of the funds from undeducted contributions. I'm working as a sole trader doing temp work; he's not working but not retired either. I contribute my wages into the SMSF, this and any investment earnings in the SMSF, is taxed at 15% - correct? If we were to set up a Transition Retirement Allocated Pension how do we get the 15% rebate? Once the amount is allocated in the pension, can more be added in at a later date? Say, we set up a pension with $X and later won a lottery can we add to this? Can this amount be adjusted to meet our needs? If our income outside SMSF incurs a 15% tax now what is the advantage of the TRAP in our situation?

Income tax within the fund is 15% and until you are 60 tax on the TRAP is at full marginal rates less a 15% rebate, which is taken into account when you do your tax return. You cannot add to an allocated pension fund so you will need to use a separate fund. The pension can be adjusted within the allowed limits. Your adviser will help you work out whether a TRAP is worthwhile prior to age 60.