How your assessable assets affect your Age Pension

Alex wants to know how his assessable assets affect his Age Pension.

assets test

Alex receives a part-Age Pension and wants to know how his assessable assets affect his fortnightly pension payments. Today, Debbie explains deeming rates and where Alex can learn more about them.

Q. Alex
I am on a part-Age Pension. My wife is too young to get an Age Pension. When my assessable assets either increase or decrease by, say, $10,000, what is the correct amount of change to my fortnightly pension payment?

 

A. This depends on whether the assets you’re referring to are financial assets, such as investments and savings accounts, or actual assets, such as vehicles, property, etc.

Financial assets are deemed to earn income and therefore your Age Pension is reduced by 50 cents for every $1 you exceed the income threshold. The rate at which financial assets are deemed depends on your overall financial assets. Here’s where you can find out more about deeming rates.

If they are physical assets, then your Age Pension is reduced by $3 for every $1000 you exceed the asset threshold.

If you have a Centrelink Question, please send it to newsletters@yourlifechoices.com.au

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