The Meeting Place

Are these Centrelink Estimator figures correct?

I thought the assests test to receive the full single age pension says that if your total assets are under $250,000 (excluding the home you own) then your single age pension will be the full $834.40.

Tonight I used the online Centrelink Estimator to see if this was so.

I listed myself as owning my own home, having $70,000 in a bank account, having a fortnightly income of $130 (from a suprannuation income stream with $45,000 in it)and having no other assets whatsoever.  So my total assets were $70,000 plus $45,000.

I then checked to see how much age pension I would receive under these circumstances, and the estimator showed me not getting the full age pension ..... it was decreased.

I then did  more tests on the Estimator and here's what I found: The Estimator shows the age pension decreases if your total assets are worth $60,000 or more.

If your assets are $50,000 the pension is the full $834.4.

If your assets are $60,000 the pension is decreased to $833.17.

If your assets are $70,000 the pension is decreased to $826.92.

If your assets are $100,000 the pension is decreased to $808.17


Is the Centrelink Estimator faulty? I was sure the single age pension remained at the full rate until assets reached $250,000, and only when assets were more than that did the pension begin to decrease.

Thanks for any assistance.

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Sundays, the full age pension is currently $834.40 and it's also due to increase shortly.

Sorry I read your calculator figures incorrectly but doed a loss of $8 work out? As Ive said there are different treatments for income from super and the calculator cant know each one. The whole system is a minefield with various rules and needs an overhaul. 

And yes, the deeming rules are very unfair on money in bank accounts as you can’t get those rates. Every 3 months I ring up the bank and ask for a better rate. They treat me like they are doing me a big favour when they offer 2% for 3 months!

I just tried it with a total of $160k between super and bank accounts and got $916.30 full pension inc all supplements. The trick is to not put anything in the income from super question.


That would make sense McDaddy given all the possibilities regarding the treatment of super. 

PS - it appears you are sure your figures are correct, but I am sorry - you are VERY wrong. As it appears you are not willing to accept what other posters have stated - the best is to go to Centrelink and speak to them directly.

I volunteer at a Seniors centre, assisting people applying for the Aged Pension, and dealing directly with a nominated person at CL for any queries, so I do have a pretty good understanding of the Pension. Sunny Oz is absolutely correct!  The Centrelink Estimator is NOT the best to work figures out.

The link Sunny Oz mentioned is the best - is called the Age Pension Calculator. I have entered your figures in this Calculator, and this also confirms that you will get the full Pension. As of March 2019, you can have $161,200 money in bank and/or super, and still get the full pension. McDaddy also states this.

I am sorry - but once again - your figures are wrong. 

in2sunset, I just used the "Age pension calculator" using the same criteria that I used on the "Centrelink Estimator" and they show 2 totally different results. The Age pension Calculator shows that I can have MUCH more in a bank account and MUCH more income from an income stream and still get the full age pension.

So, as the Centrelink Estimator figures are totally wrong I shall contact Centrelink head office and inform them that their estimator is terribly misleading and inaccurate.

If people rely on the inaccurate Centrelink Estimator to make decisions they could easily be at risk. It may even have legal ramifications for Centrelink.

Glad I was able to help! The whole Aged Penson system is a mine field for many people, and many older people simply do not understand all that it involves. CL are constantly trying to push people to work solely on line, and I spend considerable time trying to assist elderly people with this. This alone causes so many problems, as when I ring for a follow up for someone, CL just say 'to check MyGov'. Even applying for the pension - all the paperwork can be totally overwhelming for many seniors - so many pages to fill out. I help people to keep up with the changes, and to explain things that many have no idea of. Many have no idea of the Work Bonus.

A big problem also is that seniors do not understand the difference between the Asset Test & the Income Test. Money was explained in above example - maximum being aroind $161,000 before pension is reduced. But if you have absolutely no money, and (say) a motorhome worth $250,000 - you can get the pension as the motorhome is not deemed to be earning anything. But SELL it - and the money will be deemed, and pension will be lowered.

That's where allot of people get confused...putting it simply, for single person, maximum money (as this derives an income) you can have is around $161,000. Maximum asset you can have is around $250,000.  


They already know it is not very accurate PS, they say it's just a guide and for each individual to test their eligibility.

in2sunset, the people you deal with must be either very elderly or not very bright, the Application for the Pension questions are pretty straight forward. Maybe some people have trouble using a computer, but that will be less of an issue as time goes on etc.

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