The 'AP SuperPension'. The Australian Pension(AP) SuperPension. A modification of the current Australian Age Pension to modify it into a 'Reverse' superannuation product. It will require modification to a contract-based pension that will establish the Commonwealth as a beneficiary in the customers will and will entitle the Commonwealth to a share in their estate.

摘要

#$%^&*AU2020101963A420201001.pdf#####ABSTRACT The invention discloses a modification of the current Australian Age Pension to modify it into a "Reverse" superannuation product. This concept is to change the Age Pension entitlement into a loan system and refine the concept of the Age Pension 'Life Event' scenario. Citizens will be obligated to sign an agreement with the Commonwealth to repay a component of their Age Pension upon their death. This will be a form of contract to establish a mortgage over a property, owned bythe customer, that would create a beneficiary interest for the Commonwealth or may be a mortgage managed on behalf of the Commonwealth through a financial institution. This may include an agreement in contract form making the Commonwealth a beneficiaryfor any'Self-Managed Super Fund'or superannuation product held by a customer and so at their passing the Commonwealth can be remunerated based on a formula applied by the Commonwealth.