Clients receiving Centrelink entitlements who are impacted by the income or assets tests may wish to update their account based pension balances and income with Centrelink as it could result in increased Centrelink entitlements.
Clients can update account balances via myGov for both deemed and grandfathered account based pensions. They can also update annual payment information for grandfathered account based pensions.
Deeming rates for deemed account based pensions (i.e. ABPs that commenced on or after 1 January 2015 or ABPs that commenced before 1 January 2015 where the client has not been in continuous receipt of an income support payment) were also reduced, effective 1 May 2020. This means some clients may be receiving increased age pension as a result, and may wish to revise the amount of income they are drawing from their account based pension.
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Disclaimer and Warning
The information above is of a general nature only. It should not be used as a source to make financial decisions. It's also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status. We recommend that if you are looking for advice on this matter, you should contact us.