Can I have my assets devalued?

Brian would like to know why his assets are not devalued more regularly.

Can I have my assets devalued?

Brian receives a UK pension that is subject to exchange rate fluctuations every month. He would like to know why his assets are not devalued more regularly as well.

Q. Brian

I have been on an AgePension for some time now and I would like to find out about asset values. I receive a pension from the UK and an Age Pension from Centrelink, with an exchange rate applied to the UK pensioneach month.

I have been getting monthly updates for some years now, so why doesn’t Centrelink reduce my assets yearly, by say 10 per cent?

A.

Pensioners with overseas income and assets (apart from financial investments) have them revalued automatically each month using a current exchange rate. However, the value of overseas financial investments is only updated every six months in March and September.

The exchange rate used to assess overseas income or assets, for all days in a calendar month, is the Commonwealth Bank's on-demand airmail buying rate current on the fifth working day before the first business day in that month. For example, to calculate the exchange rate for any day in March 2015, the exchange rate current on 24 February 2015 (five working days prior to the first business day of March) is applied.

Apart from the exchange rate changes, Centrelink does not revalue assets regularly up or down. If you think that the value of your assets overseas, or in Australia have changed, then you can ask for a reassessment at any time. For example, if the value of your car has fallen, then you can contact Centrelink and advise the new value.

If you think that you have an asset which has fallen in value, and this could impact your Age Pension entitlement, you can contact Centrelink on 13 2300.





    COMMENTS

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    Pat
    31st Aug 2015
    12:26pm
    The latest Centrelink web site allows you to log in and change your assets anytime. It is interactive.....as soon as you change your asset values, it changes your pension....
    Jim
    31st Aug 2015
    3:09pm
    Thanks, great information, I used to have to go to Centrelink every time I needed to make changes, I Have just been on and changed my details, very easy and quick.
    bigpella
    30th May 2016
    3:14pm
    Sounds good in theory but not so good in practice. Dim, I suggest you make an appointment with Centrelink and see what they have on their system. You might get a surprise.
    I changed mine online and printed a copy of what I had entered last year. When I went into the local CO shortly after to check out some perceived anomalies, I found that what I had entered was somewhat different to what their system indicated. Some entries did not show up at all.
    I'm about to make another variation to my assets. I'll do it on line but this time I'll make an appointment immediately to verify Centrelink has the right data to make their reassessment.
    I trust Centrelink as far as I can kick their mainframe computer.
    Ed
    31st Aug 2015
    12:51pm
    Recently the stock market has come down a lot. Can we ask Centrelink to reevaluate my assists which including shares?
    Pat
    31st Aug 2015
    1:13pm
    Yes
    rogerh
    31st Aug 2015
    1:22pm
    From what I can see, Brian's Australian pension is being calculated on his income stream; not the value of his assets. Therefore, I see little point in revaluing his assets.

    31st Aug 2015
    2:26pm
    If you are getting an overseas pension Centrelink sends you periodic statements of that pension along with exchange rates and dollar values.
    Pass the Ductape
    1st Sep 2015
    4:39am
    Only in a perfect world. The problem as I see it is that as one gets older, ones time left on earth becomes a lot more precious. A lot more precious than having to spend every waking hour sitting in front of a computer advising Centrelink of continual changes to one's financial circumstances.
    sirmikd
    9th Sep 2015
    2:24pm
    Totally agree ! This system is like having "big brother" watching you and must cost the nation a fortune to administer.
    I never expected that when i retired I would be so bothered by the subject of pensions - now I'm concerned all the time about what the government is going to do next [ and I've already suffered due to several changes made in the last five years by both govts ] It creates a feeling of uncertainty,apprehension and annoyance. I am receive a small state pension from the UK - which after it was granted has been paid "no questions asked " so I feel secure about its amount and regular depeosit in my bank.
    sirmikd
    9th Sep 2015
    2:15pm
    I tried amending my assets on the web and the one thing I couldn't change was my super balance.

    So the RECENT FALL IN FUND VALUES due to share market fluctuation is not being taken into account in my and your pension calculation because it most likely would mean an increase in pension payment - and we all know how the Govt [ Lib or labour ] hate giving out more than they can help.

    This does not seem equitable as the Govt get very upset if you do not report an "increase " in assets so they can "reduce" the pension payment.
    The whole system is a joke.
    ray from Bondi
    27th Jun 2016
    11:24am
    here here
    romax
    21st Sep 2015
    11:34am
    I agree with reader sirmikd. You are able to change figures on the Centrelin web site but only about your savings but not for your shares and retirement investments .I have tried it is a locked area. I have found that Centrelink are quick to change to a larger figure even if it is not correct but do not change it down to a lower figure. For the last 5 month my super has realy droped by $10.000.00 and they only changed it in the last week to $5000 lower. I have notified them by mail but they do not take any notice. It is a one way street you can't get a fair assesment from centrelink. It is very frustrating. Cheers Romax
    sirmikd
    22nd Sep 2015
    9:20am
    I have since found that you can change your Superannuation balance by PHONING Centrelink - the resulting increase in my pension was worth the 45 minute wait on the phone and I add that Centrerlink staff were very helpful in this matter.

    So Go for it everyone !
    Pat
    22nd Sep 2015
    10:01am
    Yes I found the same thing. However I wrote to my local Centrelink last time (about 2 weeks ago) and it was change to a lower amount within a week! I think even if it takes longer they use the date they receive it as the date from which it is actioned....
    sirmikd
    23rd Sep 2015
    7:29pm
    Quicker over the phone - they update your record whilst you speak.
    Originally I went to my Centrelink office and got the run around - they said I could do it online then found someone to help me learn about computers which they assume we grey heads don't know about despite the fact I have been using them for 40 years was on the internet before it was known as the internet - they just weren't listening to me and as I later proved,
    updating super assets online is not possible. If I had gone straight to the phone as I normally would have I would have saved several hours of my time. sorry, had to get that off my chest !

    Oh yes - I stopped writing to centrelink with balance updates a) because it took longer to action and b) sometimes they lost it. Just make sure you get a receipt number for the conversation if you ring.
    Blossom
    27th Jun 2016
    12:56pm
    Often it is hardly worth the cost of hanging on the phone for a long length of time especially if you very rarely use and phone and only have a mobile phone.
    I hung on for almost an hour one day, then my call was cut off in ther process off them coming on the line. It has happened on a few occasions with various Govt. depts. If you have loudspeaker on your phone I suggest you use it to save physically holding your phone for that long.
    Red
    28th Oct 2015
    12:39pm
    Centrelink Online (self) changes: You can change the number of shares, but you cannot insert / change a share value. It is necessary to request this change to be made by a Centrelink person - phone. I recently increased the number of a share we have ( re-investment program ) but could not change the total value of the shares to reflect the new (much lower), share price.
    mareela
    20th Mar 2016
    10:59am
    I have recenty updated my super details on my.gov site and my pension has been adjusted up accordingly.
    Briar
    27th Jun 2016
    2:35pm
    I just love the way the article says "ring Centrelink"...... has the writer ever tried to do that and actually get through without a looooooong hour plus wait?!


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