Means testing of retirement income streams
Retirement income streams are classified into one of three separate categories for means testing purposes:
- Assets test exempt
- Asset tested (long-term)
- Asset tested (short-term)
Income streams are then assessed according to the rules that apply to the relevant category.
All products providing similar features or benefits are treated in a consistent manner, irrespective of the name of the product used (eg 'annuity' or 'pension') or whether it is sourced from super or ordinary money.
Last modified: Wednesday, July 24, 2019