A life interest arises when a pensioner:

  •       acquires the right to use [glossary:assets:296] or the [glossary:income:31] produced by those assets, or
  •       transfers a non-exempt asset to another person, but retains an interest in the asset, or
  •       is created by the will of a deceased individual.

A life interest remains current until the pensioner:

  •       dies,
  •       sells the asset, or
  •       formally surrenders the asset.