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The New Daily

Craig Sankey

Better than the bank: Where to find a greater rate of return

Inflation Centrelink Craig Sankey DB

You will not find a bank account that provides interest rates above that of inflation.

Question 1. Hi Craig, can you explain the differential treatment in the age pension income test between a Lifetime Annuity and a Defined Benefit Lifetime Pension (which I transferred over $300K to purchase from a lump sum fund), and now only receive a 10 per cent ‘discount’, thanks to former minister Morrison effective from 1/1/2016?

Firstly, we’ll deal with your Defined Benefit (DB) lifetime pension.

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