Your Finances

Changes to the pension assets test

On 20 September 2007 the pension assets test is changing. The changes will affect Age Pension, Carer Payment, Disability Support Pension, Bereavement Allowance, Wife Pension and Widow B Pension. They mean that you can have a higher value of assets than before and still qualify for a Centrelink pension.

You may be eligible if the value of your assets is below the new limits. Your income will also need to be below the current limits, as the income test is not changing. Details of these limits are available from the Centrelink website.

If you think you may be eligible for a payment, you can claim under the new rules now. If your claim is successful you will be paid from 20 September 2007.

If you currently receive a pension from Centrelink, which is reduced due to the value of your assets, you may get an increase in your payment rate from 20 September 2007.

Centrelink will send letters to all affected customers telling them how much extra they will be paid. The changes will happen automatically and you will not need to contact Centrelink.

For more information visit the Centrelink website, phone Centrelink on 13 23 00 or visit your local Centrelink Customer Service Centre.