Connect with us

Your Time Magazine

Understand the terminology



Understand the terminology

What is in a name? NARELLE COOPER navigates a way through the Centrelink maze.

This month I am staying away from ‘figures’, and before I write anything else, I need to clarify a couple of points from my May editorial.

My ‘explanations’ earnt me a slap on the wrist.  Don’t get me wrong my figures were correct, just not enough IFs and BUTs, which is a problem when trying to explain Centrelink matters in limited space.  It is not my intention to be ambiguous, these articles are about covering some of the intricacies of Centrelink’s assessments in an attempt to inform.  I always encourage readers to seek further advice as everyone’s situation is different, and one size does not fit all.

Subsequent to previous advice, Centrelink have told me firmly that there will NOT be a dedicated line for those looking for assistance relating to the ‘work bonus’.

That said and not to be discouraged, I want to move on and explore the new Centrelink Lifetime Annuity rules.  Over the years, there have been a number of changes to the calculations used to assess Income Stream Products. Whilst we are not talking along the lines of Einstein’s theory of relativity, E=mc2, some of the maths can be confusing.  I would like to explain it as E=maths+Centrelink is too complicated.  But first the terminology needs to be understood.

In relation to the July 2019 changes to Lifetime Annuities, my aim is to demystify the wording, to assist when viewing the Centrelink website.

Firstly though, life insurance and superannuation companies change the name of their products and add different features all in an attempt to attract customers. This does not help when navigating the ‘wordology’ of these products (yes that one from a dyslexic).

Annuities form part of ‘Income Stream Products’ where Centrelink describe them as:

Account based or market linked: Products that allow you access to your capital, the account balance generally changes depending on market movements.  Whilst they can have guaranteed terms and rates, along with other nuances, mostly we know them as Allocated Pensions or Allocated Annuities.

Defined benefit pensions: Generally referring to pensions from public sector superannuation schemes and some larger private sector employee schemes.

Non-defined benefit pensions:  This category covers current Lifetime and Term Annuities.

Now that that is cleared up… In relation to the new assessment of Lifetime Annuities, Centrelink seem to be using the words “Lifetime Income Streams (LIS)” or “Pooled Lifetime Retirement Income Streams Products”. This gives us a new category, but don’t forget if you currently have a Lifetime Annuity you come under the old rules!

OK if you feel the need to take a break and lie down in a very dark room, totally understandable, that is where I am headed!

Let me just say the new rules around Lifetime Annuities may be worth a closer look, particularly if you are a part pensioner under the asset test.  But, before you take action, you need to understand the nature of Lifetime Annuities and how they could fit into your overall financial plan.

The above information is presented as ‘general information’ and should not be relied upon in isolation.  The complexity of Centrelink’s assessment processes means that your individual circumstances affect the results and differ from person to person.  Always refer to Centrelink or a Centrelink expert for advice relating to your personal situation.

Narelle Cooper is director of the Centre for Age Pension Admin Services. Call 1300 043 197, visit



  1. Pingback: black hat seo backlinks

  2. Pingback: passionplay oberammergau

  3. Pingback: Sporting Events

  4. Pingback: ตู้แปลภาษา

  5. Pingback: ดูอนิเมะตอนเดียวจบ

  6. Pingback: youtube views

  7. Pingback: CBD Help

  8. Pingback: nằm mơ thấy cá lóc đánh số mấy

  9. Pingback: cod cold war hack free

  10. Pingback: buy cc dumps online

  11. Pingback: mơ thấy đi tàu hỏa

  12. Pingback: bị bọ cạp cắn

  13. Pingback:

  14. Pingback: charlotte's web restaurant

  15. Pingback: mơ thấy em trai đánh con gì

  16. Pingback: mơ thấy mua nhà

  17. Pingback: mơ thấy đầu người

  18. Pingback: mo thay toc

  19. Pingback: dumps track 2

  20. Pingback:

  21. Pingback: 카지노사이트

  22. Pingback: press releases site

  23. Pingback: buy pure cocaine online

  24. Pingback: cvv shop

  25. Pingback: white leaf

  26. Pingback: w88

  27. Pingback: cheapest web hosting

  28. Pingback: modern warfare cheats free

  29. Pingback: mơ thấy đá bóng đánh con gì

  30. Pingback: nằm mơ thấy phật bà quan âm

  31. Pingback: mơ thấy giày dép đánh con gì

  32. Pingback: mơ thấy nhẫn vàng đánh con gì

  33. Pingback: | dumps with pin | fresh dumps shop | dumps with pins | buying dumps online | dump pin | dump+pin | dumps and pins | dumps and pin | dumps with pin atm cash out | dumps with pin 2020 | free credit card dumps with pin 2020 | dumps with pin shop | dumps wit

  34. Pingback: mơ thấy ăn ổi

  35. Pingback: mơ thấy chim bồ câu đánh con gì

  36. Pingback: mơ thấy con sâu

  37. Pingback: mơ cãi nhau đánh con gì

  38. Pingback: mơ cá trê đánh con gì

  39. Pingback: mơ thấy thầy bói

  40. Pingback: nằm mơ thấy hoa sen

  41. Pingback: Tutorials linux e android

  42. Pingback: mơ thấy bếp lửa cháy

  43. Pingback: mơ thấy con trâu đánh đề con gì

  44. Pingback: nằm mơ thấy hôn môi

  45. Pingback: best tor zip file host

  46. Pingback: Viajes solteros

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Wealth

To Top