Pension rates

Understanding what income will and won’t affect you pension can be difficult as YOURLifeChoices subscribers, Pearl and Jack, have realised.

Q.

We have a small unit, which has always used for family and visitors, until a couple who were waiting to move into a retirement village wanted to rent it for a few months. So we went down to Centrelink and told them the couple said they would pay $100 a week for letting them use it. Then we were told we would get $30 each deducted from our pension allowance making that $60 total each pension day. All because our pension is substituted a bit by the U.K. We have been here 40 years, have no investments of any kind, nor do we have much in the bank account. Just checking if this is right?

Pearl and Jack

A.

We have contacted Centrelink for clarification on your situation and unfortunately, it seems that what you have been told is true.

When Centrelink are working out your Australian pension entitlement, any income that you receive from any source is taken into consideration. This means that an overseas income (such as a foreign pension), or any rent you receive from a boarder or tenant may have an affect on the rate of your pension.

If you’re not sure if you’re receiving the correct rate of Age Pension, it’s very important to speak to Centrelink as soon as possible to ensure you’re receiving everything you’re entitled to. You can call Centrelink Retirement Services on 13 23 00, or Centrelink’s International Services on 13 16 73

Here is a link to some information about Australia’s International Social Security Agreements on the Centrelink website. I’ve also included a separate link to information about

Income & Assets Tests for Age Pension.

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Diseases

Early Age Pension