6th Mar 2014
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Will I lose my part Age Pension?
Will I lose my part Age Pension?

Peter is earning income on a casual basis and would like to know how this will affect his eligibility for a part Age Pension.

Q. Peter

I am receiving a part Age Pension and I do a bit of casual work. I understand I have to report earnings to Centrelink but I would like to know under what circumstances I would lose my Age Pension, either due to earning too much or too much over too short a time. I am 65 years old,

A. I'm unsure if you are on the single or couple rate of Age Pension so you can check the current part Age Pension cut off limits here. Please note, these limits may change on 20 March 2014 when payments are periodically reviewed.

You should also bear in mind that any income you receive will have the Work Bonus applied, which means that the first $250 of income you earn each fortnight will be excluded from assessment. 

As your income is assessed on a fortnightly basis, you will only be penalised for what you earn in that reporting period. However, what you do with the income, i.e. invest or purchase an asset, may affect your Age Pension.





    COMMENTS

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    Blossom
    21st Mar 2014
    8:45pm
    I think that it is grossly unfair that if you retire before the now official Centrelink Retirement Age and apply for a Low Income Health Care Card that you can earn just over $100.00 less than when you are re-assessed a few months later. I would qualify if the re-assessment figure was used the first time. I take a fair bit of medication and would save a fair amount of funds. I mostly just miss the reduction in price by just 1 or 2 prescriptions. I am a self-funded super. Yet another example of be discriminated against for managing to "save for a rainy day". During your working life you pay tax on the interest on the funds you save. There is very little incentive to save. No wonder some spend all their salary atter paying normal living expensives.
    seniorsid
    22nd Mar 2014
    1:51pm
    I would be interested to know what our so called planners of this great country of ours retire on. If a the rabble that we hear in parliament, with the man-in-charge, otherwise known as the speaker, yelling "Order please" all through the session, could secure a position in the real world, I very much doubt it! I would love to run a company where you could make million dollar, mistakes and just get more from the original source.
    According to them, there is no age discrimination when applying for a job, REALLY. I am 71 years old, still in good nick, having worked and owned businesses, not only in Australia, bur overseas. Why don't the government utilize my knowledge to train the youth of today, pay me a reasonable wage which they can tax, I don't want their hand outs, this would not only help our youth, but save them money that could be used to improve the living conditions of those who are not able to work!
    Wouldn't that be killing two birds with one stone, surely there a a lot of people out there, men and women that can still contribute, and would jump at the chance to, not only be self supporting, but keep them active, both mentally and physically.
    It all makes sense to me, you may argue that setting it all up is costly, but surely it would reduce the load on Centrelink!
    KSS
    10th Mar 2014
    2:23pm
    report I agree with you seniorsid. There must be many people like you with skills to share. It used to be mainly through apprenticeships. Today though there are no apprentices because they won't accept that as an apprentice they won't earn the 'big money'. We are losing skills such as yours and it is so short-sighted.

    Have you talked to TAFE?? Just a thought.
    seniorsid
    10th Mar 2014
    1:34pm
    reply Come on Hasbeen, reads like you are better known as N
    seniorsid
    22nd Mar 2014
    2:44pm
    I appreciate your acknowledgement of my comment, KSS, also your advice, but I was totally ignored by TAFE, to the point they did not even reply. I daresay they have an inflexible system, one that does not allow for change, or maybe they see us as a threat to their position within that system.
    Commonsense does not hold a place in this present society, policies are left for our high income public servants to make. We're really only a means to earn an income, and leave us grateful that we can earn a massive amount of $250 a fortnight, when my Doctor earned over $100 for a five minute consultation, which consisted of telling me, he did not know how to fix my problem, but lets try this! This resulted in costing me $56 at the Chemist, even with my concession card. Do we (pensioners), have a representative in Parliament? I could only find 7 parties in WA, one was the Shooters and Fishers Party, maybe we should join them, at least we could get a feed!
    Pardelope
    18th Apr 2014
    2:49am
    We should have been born in Denmark. They pay over 50% in taxes BUT they get child care, education, health care, pensions etc - all free - from cradle to grave. Their society expects everyone to pull their weight (if they are able), but takes away worries about being poor, elderly, or unable to work. People can work for as long as they wish without being penalised.
    Tommy
    14th May 2014
    6:36pm
    I am eligible for a part pension as from August 2014. Will my entitlement already provisionally calculated by Centrelink be affected by the budget 2014 changes when the pension commences?


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