what is superannuation or annuity income stream
3. Life expectancy pensions and annuities. A life expectancy pension or annuity is one of a number of products that you can buy with a lump sum from a superannuation fund or other money to give you an income during your retirement. For the purposes of the income test for the age pension, income from an account based (also known as an allocated pension) or annuity will be reduced by an amount that represents the return of your capital. 2  This has not changed. 3  An account based income stream is assessed under the assets test for the age pension.