Frequently asked questions about the Age Pension
What our members are asking, and how you can access help with your pension problems.
Do you have questions about applying for and receiving the pension? If so, you are not alone.
Many people have difficulty understanding some of the rules and regulations and are concerned about getting things wrong.
Robyn Slater, National Seniors Australia’s Financial Information Consultant, has provided a list of topics that concern our members.
We’ve added some links to help answer your questions, but it’s general advice only and you may need to consult a professional. National Seniors members can start with a free appointment with our independent Financial Information Consultant here.
Many members are concerned about the amount of paid work a pensioner can do under the Work Bonus without financial penalty. Their questions include, “How much can I earn?” and “How will it affect me?”
This article has the latest on the Work Bonus and National Seniors’ Let Pensioners Work campaign.
Many members find the paperwork onerous and confusing and complain that there is nobody at Centrelink to help, either in person or over the phone.
Services Australia has some online guides, but you may need to seek help from a trusted person or professional. Retirement Essentials will do the paperwork for you—at a cost—and see the application through.
Seniors who inherit money are often concerned whether it will impact their pension. Common questions include, “Why is it considered an asset?” and “I want to give the inheritance to my kids because they need it and I don’t, will it impact my pension? “
The Australian Tax Office has some general information about inheritances here, while Services Australia’s Financial Information Service has specific information for pensioners here.
Questions include, “How will it affect my pension if I downsize”, “What sort of expenses will I incur by buying another home?” and “How long do I get an asset exemption”.
The rules surrounding this have recently changed, as explained in this National Seniors article.
Questions include, “How does Centrelink view my superannuation?”, “Why do they want to know how much I take out each year?”, “How does a defined-benefit pension get assessed for age pension” and “Who can tell me how much is assessable for Centrelink purposes”.
National Seniors has a guide to superannuation here, and the Centrelink/Services Australia superannuation website is here.
Seniors have various reasons for wanting to use the Home Equity Access Scheme (HEAS), including home maintenance and travel. Comments include: “Why can’t I borrow more than prescribed amount?”, “I’m thinking of selling my home and just want a temporary loan from Centrelink” and “Does HEAS apply to my retirement-village home?”.
The Services Australia website outlines the scheme here, while National Seniors Chief Advocate Ian Henschke provides some information here.
For related reading: Services Australia: How to claim
All insights and information provided should be considered general advice for educational purposes only. As we are unaware of your personal circumstances, the information in this article should not be misconstrued as personalised financial advice. We recommend seeking advice from a qualified financial professional before making any major financial decisions.
