Ron’s super has taken a hit due to the COVID-19 pandemic. Should he get more pension?
Currently my super retirement funds have dropped substantially, however the pension payment has not changed. If the value goes down by $100,000 surely my pension should go up accordingly. Why has nothing changed? Do I have to go in and modify the values myself?
A. Centrelink automatically revalues your market-linked managed investments, such as super, shares and securities every March and September.
Market-linked managed investment unit prices are collected at the end of each month and Australian Securities Exchange listed shares are collected fortnightly. These updated unit and shares prices are used for the processing of new claims and when a customer asks for a revaluation.
You can ask Centrelink to revalue your investments at any time. After this is done, it may change your payment rate, meaning you could get a higher payment or become eligible for a payment you did not receive previously.
The easiest way to update any changes to your income and assets is through your Centrelink online account, where you can remove or add managed investments, superannuation or update your shares.
Hopefully, because superannuation is usually reviewed in March you will start to see the increased pension come through to your account shortly, otherwise you will have to apply to have your super reassessed.
Please be aware that there may be some delay to normal Centrelink processes during the COVID-19 pandemic.
Have you received a pension boost because of the hit your super has taken? Will you ask for a revaluation of your assets?
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Disclaimer: All content on YourLifeChoices website is of a general nature and has been prepared without taking into account your objectives, financial situation or needs. It has been prepared with due care but no guarantees are provided for ongoing accuracy or relevance. Before making a decision based on this information, you should consider its appropriateness in regard to your own circumstances. You should seek professional advice from a Centrelink Financial Information Services officer, financial planner, lawyer or tax agent in relation to any aspects that affect your financial and legal circumstances.