Changes to the pension assets test took effect from 1 January 2017. Are you affected?
From 1 January 2017, the pension assets test used to calculate pensions changed. The assets test thresholds and cut out limits have now changed. These changes may affect you if you get the Age Pension, Carer Payment, Disability Support Pension, Widow B Pension or Wife Pension.
To receive the full pension, your assessable assets must be less than:
Note: An income test is also conducted. If your assessable assets are below the abovementioned amounts, your assessable income may still dictate the pension payment.
Need more information?
National Seniors members can access free independent financial information from the National Seniors Financial Information Desk (FID). Call us now on 1300 020 110. FID is an independent, confidential service funded by National Seniors Australia that aims to improve the investment information available to older Australians. Their role is to arm people with up-to-date independent information that will assist them in making those big decisions prior to and in retirement.
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National Seniors Australia is the leading independent voice of Australia’s over 50s with 200,000 members across the country. We represent the views of older Australians to all levels of government to ensure a fair go on issues of age discrimination, mature age employment, retirement income, health care, aged care and the cost of living.
Not only do we provide an independent voice for seniors Australians, our members also enjoy a range of exclusive benefits including:
- Subscription to 50 something, our bi-monthly lifestyle magazine
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