My wife and I retired about 6 months ago and are in receipt of part aged pensions. Obviously, the amount of pension we received was calculated primarily on the value of our Super funds at the time. Over the past 6 months our Super Retirement fund balances have increased in value, much to our surprise.

Are we required to advise this to Centrelink?

We had set the payments we receive from our Retirement funds at a level we thought would more or less equal the amount these funds would earn in interest, to try and maintain the funds value as long as possible. It means we are on a pretty basic income, and accept that we would need to withdraw the odd extra amount if we needed extra money for one-off expenses but it looks like the funds have been doing a bit better that we anticipated. 

How does all this work?

Pancho