Meeting With AMP

Written by Claude Haiku 4.5 from the extracted text on 28 Feb 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

Treasury met with AMP to discuss regulatory and design issues with AMP's "lifetime super" product, a deferred lifetime income stream marketed as an accumulation account that can transition to income drawdown at retirement or age 65. The product allows contributions and withdrawals until a condition of release is met, with no minimum age requirement but maximum commencement age of 64 years and 10 months. A key design feature leverages age pension means testing: the Centrelink assets test for deferred income streams uses the purchase amount (contributions less withdrawals, indexed annually by the upper deeming rate) rather than the actual account balance, potentially resulting in a significantly lower nominal value for means-testing purposes when deeming rates are low. Treasury's legal team questioned whether members who meet a condition of release without the trustee's knowledge (such as leaving employment after age 60) must immediately exit the accumulation phase or transition to retirement phase, potentially backdating