YOURLifeChoices subscriber, Neil, is looking for more detailed tables to calculate by exactly how much his pension will be affected.
I have been unable to find the Centrelink assets and income test tables to work out the exact part pension. They give an asset and income figure threshold to get the full pension, and a cutoff figure where the part pension cuts out, but nothing in between.
People would need the actual tables to enable them to work out their actual part pension, and to see how earning more or less income would affect their part pension, and how their assets would affect the pension and which is greater, the asset test or the income test.
Can you help with the actual tables, not just the top and bottom figures?
A. Provided by Centrelink
Centrelink does not currently publish income and asset tables which detail the effect each dollar earned will have on a customer’s pension. However, customers can use Centrelink’s online estimator to get an idea of how much pension to which they may be entitled. www.centrelink.gov.au
There are a number of variables which will impact on income and assets assessments including whether the customer is single, partnered and/or has dependent children. Furthermore, the assets test is slightly different depending on whether you are a homeowner, a non-homeowner or a resident of a retirement village or granny flat.
Given that these situations can be quite complex, we’d encourage you to chat to a Centrelink Customer Service Advisor who will take into account your personal circumstances when estimating the rate of pension to which you are entitled. If you have more complex financial circumstances, you might like to talk to a Financial Information Service (FIS) officer. You can contact Centrelink’s Retirement line on 13 23 00 or simply visit your nearest Customer Service Centre to speak to a Customer Service Advisor.