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Expert says family home should be included in pension asset test

An expert says the family home should be included in the means test to make the age pension system fairer.

Respected actuaries and retirement income experts David Knox, Anthony Asher and Michael Rice have released a report that warns once more people begin to access their superannuation the problems with the current system will emerge.

They suggest excluding the family home from the assets test could be unfair, considering high prices which have turned them into a significant investment.

Rice Warner’s executive director Michael Rice tells Ross Greenwood the family home should be included in the means test.

“The way to do it is first to do it over a period of time.

“Secondly, if you included the family home… you could add that to the threshold.

“In fact, middle Australia will still be in the same position, but the person sitting with $5 million in a house… should they get a pension?”

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