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.
Share your experience
We are continuing to compile member feedback on this important issue for further consideration. Click here to share your experience on how the pension changes affect you.
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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