What Centrelink changes occur on January 1 2015?
Under the new bill, Allocated Pensions will be added to the definition of financial assets in social security legislation from January 1 next year. This change of definition will mean that Allocated Pensions will be subject to deeming rules for Centrelink.
Who will be impacted by the changes?
The extent of the impact of these changes depends on your circumstances.
However these changes will affect all Centrelink customers with an existing Allocated Pensions who need to make alterations.
Also people with Superannuation funds where an Allocated Pension would be an appropriate strategy in the future will be affected. To ensure you receive the maximum Centrelink benefits contact Joseph Grech so we can have an in-depth look at your retirement plans.
How can we help?
We have up to January 1 2015 to ‘Grandfather’ you in to Centrelinks existing rules. This short window of time is all we have to ensure you have the most effective retirement strategy going forward. If your Allocated Pension commenced or will commence before January 1 2015 and you are receiving a Centrelink benefit, then it will continue to be assessed under the existing rules.