Patricia and Greg Williams, both aged 67, have recently retired. In considering their retirement plans, Williams have decided to do an audit on their current financial situation. On 1 July 2019, they both purchased lifetime annuities for $60,000 each. These provide a $6,000 pension each per annum. In addition, they held the following assets as at 1 July 2020: Home $750,000 Mortgage on home $100,000 Prepaid funeral $50,000 Term deposit at 5% $330,000 Managed fund $80,000 Direct shares $60,000 Rental property $350,000 Motor vehicles $40,000 Antiques $50,000 Jewellery $45,000 On 1 August 2020, the Williams decided to give $100,000 (i.e., $50,000 to each of their two children) to help them with the purchase of their first homes. Greg has decided to take a part-time job with his local art dealer and expects to earn $100 per week. The Williams have come to see you for advice on 3 August 2020. How are the lifetime annuities treated for the pension asset and income mean tests?