5th Oct 2016
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Asset thresholds – do I need to advise of any changes?
Pension concept Australian coins in a jar

The Age Pension asset threshold changes that will come into effect place on 1 January 2017 will result in some pensioners losing their payments. This has caused some confusion as to whether or not the Age Pension will be automatically reinstated should a pensioner’s circumstances change. To clarify the issue, we asked Human Services for some guidance.

What will happen on 1 January 2017?

You don’t need to contact Human Services unless your situation or finances change – your payments will be adjusted automatically on 1 January 2017.

What if my circumstances change – will I automatically start receiving my Age Pension again?

If your payment is cancelled as a result of the 1 January asset threshold changes, but at a later date your assets once again fall under the amount that stops you being paid, your payment will not be automatically reinstated.

You will need to re-apply. This is to ensure that Human Services is using the most up-to-date information as your circumstances may have changed in the meantime. The easiest way to lodge a claim and any verifying documentation is online.

How do I know if I fall below the asset thresholds in the future?

Asset test thresholds are indexed on 20 March, 1 July, and 20 September each year and details can be found on the Human Services website. YourLifeChoices also publishes the information as soon as it is made available so it’s important to keep your eyes on your inbox and check your eligibility against the new figures.

How will I know if my Age Pension will be reduced or stopped altogether?

You can view details of what the asset thresholds will be from 1 January 2017 and calculate by how much your Age Pension payment may be affected. Human Services also has an asset test estimator to give you an indication of the effect the changes may have on your payment.

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    COMMENTS

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    Old Man
    10th Oct 2016
    12:55pm
    What are we expected to do with this topic? Do we copy and paste the answers from the last five times this has been raised? Come on people, find some new subjects for us to enjoy.
    professori_au
    10th Oct 2016
    12:56pm
    While this page is devoted to pensioners, the government's policy is affecting all groups except the wealthy. I have a contact who was on a disability pension. This person is confined to a wheel chair and has only some use of their fingers. The husband has to assist her with all of her needs. Guess what? The government considers she is not eligible for a disability pensions. She has only partial use of her hand and is immobile for the rest of her body. She has to go on unemployment benefits while she applies for a job!!!!!.
    Another contact with autistic children has had her carers and support benefits taken away and has to apply for work because the children are above the age limit requirement. Getting older does not cure autism and their needs are often greater. What sort of people are entering government now. Thank goodness that at 84 I am still capable of looking after myself. I am afraid what might happen if I cannot. I hope that if I should be unable to do so I go quickly. I am more concerned for the future of our children and their children
    professori_au
    10th Oct 2016
    1:08pm
    adding to my last comment: The mother of the autistic children has been waiting 9 years to get dental treatment. I took the matter up on her behalf and the dental service decided to treat her. It has still required delays, some valid, e.g. she suffers from painful abcesses as a result of her teeth condition and the dental hospital service can't treat her. Other reasons are because they do not employ sufficient resources and staff. Now another issue has come up due to her losing the benefits and she has to work. Depending on whether she can keep the health card. If that is taken away then she will not receive the treatment and has to try and get between 5 and 6 thousand dollars together to pay private. Another person who came to see me for advice is a pensioner. She needed to go to a particular hospital for treatment. I understand her treatment was only available at this hospital; she was rejected despite she had the money to pay. Why? Because she did not have hospital and medical insurance. She had the money but because it was a private hospital and they can choose not to accept a patient. I suspect that reason was that if they commenced treatment and later she did not have the money, they would ethically have to continue. Money, Money.......
    Loozit55
    10th Oct 2016
    1:31pm
    One needs to remember that once you lose the Pension for more than a year, one will have to present a complete new application. If it is less than 52 weeks, you will only be required to have 40 points to prove identity.
    Torch
    10th Oct 2016
    1:33pm
    What is grossly unfair in this asset testing is the different treatment some pensioners get compared to other pensioners . After 40 years in the workforce paying high taxes I now have the misfortune to retire when interest rates are the lowest they have ever been , my small super is mostly in cash because It got belted in the GFC and I was never game enough to go back to shares and now the rate of asset test reduction doubles to $3/$1000 excess .Other pensioners could purchase Asset test exempt annuities locked in for life at a decent rate. They're still OK and good on them.Their asset is still exempt . Another group of pensioners have their annuity 50% asset test exempt with their annuities locked in at higher rates . I get low interest rates , no asset test exemption on any financial product and now the doubling of the taper rate . We are all Australian aged pensioners but treated with huge financial difference . Not Happy and come Jan 17 will find things tough .
    Bonny
    11th Oct 2016
    8:42am
    Agree lots of people getting the OAP should not be getting it as they already have enough assets to live on without it.
    Triss
    11th Oct 2016
    10:31pm
    I can't agree with you, Bonny. If you target people on the Age Pension how much more are ex MPs, judges, bureaucrats, even ex teachers and the like getting?
    All those people get pensions well in excess of the OAP with many of them also having paying jobs. It's no secret that many ex MPs, judges, etc are millionaires many times over, think Kevin Rudd, Joe Hockey, Tony Windsor and the list goes on, I would say they are the ones who have enough assets to live on. However it is the age pensioners who have to give up their meagre pensions for another five years until 70 in order to allow ex MPs in their 50's to transfer it to their own pockets.
    Australia is supposed to be a democracy so why is the age pension the only pension that is called "welfare'?
    Triss
    10th Oct 2016
    11:03pm
    Might some of this be our fault? Instead of worrying maybe we should put our collective foot down with a stamp that will echo around Canberra.
    Remember Turnbull saying Hanson would not be welcome yet when when she won seats in parliament he couldn't run to her quickly enough to get her on his side.
    The thought of losing their seats in parliament scares pollies to death and the pensioner/retiree vote is a
    big bloc so maybe suggesting that Turnbull and his cronies look at the Hanson policies covering pensioners
    might make them think again.
    Torch
    11th Oct 2016
    10:09am
    You're right Triss , but even getting pensioners to agree on any point is near impossible . Ref Bonny's comment on my last post . She totally missed my point and thinks that there are lots of people should not be getting the age pension because "They already have enough assets to live on without it ." Infuriating !
    worker
    11th Oct 2016
    11:00am
    we need to address the so called life time pensions and or perks of how employees members of parliament receive after they are no longer members of parliament how employees and bring them in line with all other occupations .

    As a example are Fords , Holdens , Toyota , other companies going to provide life time pensions ,wages other perks for their former employees. I believe not so why are former MPS handed monies and other perks.

    As MPs continue to get into the age pensioners its , time to get into them
    Triss
    11th Oct 2016
    10:10pm
    Yes, worker, in fact I'm sure taxpayers did not agree or authorise the huge pensions MPs gave themselves or even the over the top salary raises, I would suggest that that was embezzlement of taxpayers money.
    In third world countries where this kind of thing has happened it is called corruption...why isn't it here?
    Woody
    12th Oct 2016
    9:56pm
    I just don't get these pollies !
    I don't know about others but I will no longer be able to keep paying my Private health insurance , so as my health deteriorates I will become more of a burden on the taxpayer !
    Makes sense NOT !
    L
    4th Nov 2016
    2:54pm
    Can you please explain in DETAIL what is counted as assets as far as my part age pension is concerned I cannot find any detailed explanation on any website
    Nerk
    23rd Feb 2017
    3:02pm
    I lost my disabled pension so what have done is move....to Bali, bigger bang for my buck and none of the nazi travel restrictions of 28 days, look into it, nice beaches here.


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