Goverment pension Asset test

Hi,

 

Just need to know if both my wife and i have more than the $821,500 cap in our supers jointly but my wife only has $200,000 in her own super and she has hit 65.5 years old can she get any pension?

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No. Your joint assets will be assessed. It doesn't matter who has what. It only matters what your combined assets are. Sorry! 

Whoops! One qualfier. If only one of you is aged pension age, the other will be assessed individually and paid a single pension if qualified. So if you are under aged pension age - and not drawing any other form of government income support, your wife may well get a single age pension until you reach age pension age. In fact, under our crazy system, you could be a billionaire and your wife could still get an aged pension until you turn 65 provided all your assets are in superannuation. Your assets might have to be in a superannuation fund, though, to not be counted. My limited understanding is that the government does not count assets in accumulation mode in a super fund when assessing joint assets for a pension. They also don't count the family home. I believe everything else is counted.

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