Paul has superannuation pensions in different forms and would like to know if they will be assessed under the income and asset test when he applies for an Age Pension.
Q. Paul
I have two superannuation funds and I’m wondering how each will affect my claim for an Age Pension?
I currently receive a Commonwealth Superannuation Fund Pension as a result of my previous employment in the Commonwealth Public Service. Will the amount of this pension be included as income with respect to eligibility under the Income Test for an Age Pension?
I have money in a personal superannuation fund. Will this money count as an asset with respect to eligibility under the Asset Test for an Age Pension?
A.
I’m assuming your income from the Commonwealth Superannuation Fund Pension is a defined benefit pension. If this is indeed the case, then there is a portion of this income that is deductible from the income test. This changed from January this year and is now capped at 10 per cent of your income. You can find out more about how this cap is applied by reading ‘Will my pension be reduced?’
Superannuation investments, such as your personal super fund are included in the asset test if you’re over Age Pension age. For the current income and asset thresholds, and how your Age Pension may be affected, visit our Age Pension page.
This information is general and you should confirm your details with Centrelink direct.
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Will my Age Pension reduce?
Why is my Age Pension reducing?
