4th Apr 2013
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Will super affect our pension?
Will super affect our pension?

YOURLifeChoices member Deb is wondering if her superannuation will affect her getting an Age Pension when she reaches 65 and also, if her husband’s Age Pension will be affected.

Q. Deb
I am not eligible for the Age Pension until 2015. In the meantime, my husband who is turning 70 soon, gets a part Age Pension which is just short of the full amount. My question is, when I turn 65 in 2015, what affect will a superannuation fund that I have in my name only have on (1) my eligibility to get the Age Pension and (2) how will this affect my husband as my assets, excluding superannuation, are assessed along with his as we are a married couple.

A. When you reach 65 and are eligible for the Age Pension and do not start an income stream from your super, it will be classed as an asset. Your superannuation fund balance will also be subject to deeming under the income test. If you have started to receive superannuation benefits, then how these are assessed depends on the income stream chosen.

As you are part of a couple, your superannuation, as an asset and/or income will be taken into consideration for both yours and your husband’s Age Pension.



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    COMMENTS

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    9th Apr 2013
    12:28pm
    I get a pension of $926 a fortnight and $200 income stream, I save $1000 a month. Always make sure your income stream amount allows you to get the full pension. Be one step ahead of the Govt at all times, but always tell them the truth and you'll be fine.
    Helen-gran
    9th Apr 2013
    1:59pm
    Wise words PIXAPD - never lie to Centrelink or the Tax Man & you'll always come out on top!
    Pardelope
    9th Apr 2013
    12:30pm
    Make an appointment for you and your husband to see a "Financial Advisor" at Centrelink.

    9th Apr 2013
    2:23pm
    It was a Centrelink 'Financial Advisor' who helped me select to correct sum for my income stream so as to let me get the full pension. I don't do tax returns any more, but folks should be aware that the Tax Office informs Centrelink and vise versa, even if you leave the country Immigration tells Centrelink and they even know the date that you have returned. In fact if you tell Centrelink the truth you most likely get more from them anyway as they help you with matters. Some Centrelink staff might have that better than you attitude, because they are a legend in their owm mind, but there are some good folks there that will help you.
    rosemaryjune
    9th Apr 2013
    4:41pm
    With some super "set ups" you have to withdraw a mininum percentage of the balance in your fund
    virgo
    18th Apr 2013
    12:48pm
    I have just been through all 'this!!' & found my best advice came from a financial adviser (not connected with a bank or centrelink) They also deal with centrelink for you.


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