Robert would like to know if, as well as the asset disqualification limits changing, the rate at which a pension is reduced has been altered.
In the past it was possible to calculate how much the maximum rate of pension would reduce, when the assets limit was exceeded. It used to be $1.50 per $1000.
I can’t find a reference to the new rate anywhere. Can you please advise me where to look?
A. The amount by which your pension is reduced, when you have assets over the allowable limit, for a full Age Pension has remained unchanged. It is still $1.50 per fortnight for every $1000 over the asset limit. This doesn’t appear to be clearly mentioned on HumanServices.gov.au, but there is reference to it at guides.dss.gov.au. You can also use the Rate Estimator at HumanServices.gov.au as a guide to how your pension payment rate may be reduced based on your circumstances.
What has changed is the asset disqualification limit for part Age Pension and you can find details of the new limits by clicking the link below.