Planners home in on age pension changes
More advisers sought technical support about the upcoming age pension asset test changes than any other issue according to a recent enquiry audit by Challenger.
The top three adviser queries received by Challenger's technical services team for the December 2015 quarter were: the changes to the asset test from 1 January 2017, the impact of aged care rental income to residents and estate planning considerations around income streams and annuities.
Challenger's general manager, advice services John Carnevale said, "Social security continues to be top of mind for advisers and their clients considering that around 75 per cent of Australians 65+ qualify for at least a part Government pension to supplement their income.
"It's no surprise then that advisers are seeking clarification and support around how their client's strategies and potential age pension eligibility will be impacted by the changes." Mr Carnevale said.