My husband and I receive a part centrelink pension calculated on our assets ie an allocated pension acccount held with State Super.
My question is:- Is 100% of the allocated pension account balance considered an asset? We own our own home and have no other large assets.
A. Provided by Hank Jongen, General Manager, Centrelink
How an allocated pension is treated under the Centrelink assets test depends on when the pension was purchased and whether the income stream is considered long-term or short-term. For example, Lifetime income streams purchased before 20 September 2004 are 100% exempt from the assets test. Life Expectancy or market-linked iIncome streams purchased on or after 20 September 2004 but before 20 September 2007 attract a 50 per cent exemption. For income streams purchased after this date, there is no exemption.
To find out how your income stream is treated under the assets test, you should speak to Centrelink on 13 2300.