Did your fortnightly aged pension payment go down on January 1st, 2017?
If it did, there may be a safe way for you to improve it.
You're invited to have a free phone conversation with Christoph to see if it is possible to increase your pension.
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1800 332 225 Freecall number
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The government made the assets test for pensions much harsher and a lot of people had their pension reduced or altogether eliminated on January 1st, 2017.
There is a way to reduce the impact of the asset test over time so that pension payments can increase – it is called a lifetime annuity.
A lifetime annuity pays you a fixed amount every month for the rest of your life in return for paying a lump sum to the annuity provider.
What is special about lifetime annuities is that Centrelink counts less and less of the lump sum each year for the assets test, allowing your pension to go back up again (technically Centrelink writes off the value of the lump sum over your life expectancy, regardless of how long you live).
Normally that would be interesting but not very valuable – perhaps you want your lump sum back after a few years or you may unexpectedly pass away very soon. With most lifetime annuities, the money would be gone but there is a new type of lifetime annuity where you can get much or all of your money back for up to 15 years at any time.
You are welcome to have a free phone conversation with Christoph Schnelle to find out more and assess whether a lifetime annuity could be a beneficial option for you. Click here for our appointment and contact details.