Comprehensive Retirement Income Products

The Murray inquiry into the Financial Advice Industry recommended the use of CRIPs.
Little effective has been done in this area until the 2018 budget. This did not feature in the media analysis that followed.
CGF has the field of Annuities both short term and life virtually all to itself. Whenever the sharemarket wobbled CGF took to the airwaves and spruiked their SAFE INCOME annuities.
The federal govt entered this field in a big way in 2018.
Before the budget of 2018 the family home was the only asset excluded from the pensions wealth test.
All other assets were included at purchase price amount.
IT’S back to the future for retirement incomes as the latest Budget changes allow retirees to once again legally hide assets from the age pension assets test.
The family home remains the only thing fully exempt from retirees’ Centrelink’s assets test, but after July 2019 new lifetime income stream products — commonly called annuities — will only be assessed at 60 per cent of their purchase price for at least five years or until the owner reaches age 84. After that, only 30 per cent will count.