Do you know if your retirement plans will be impacted?
Currently, the Centrelink Income Test used to calculate eligibility for benefits such as the Age Pension, treats income received from Account Based Pensions differently from that received from other sources such as bank accounts, managed funds and shares.
This will change from 1 January 2015.
If you have an Account Based Pension (also known as Allocated Pensions and Super Income Streams), but are not currently receiving an income support payment from the government, or are considering retiring soon, it may be beneficial to find out more and seek financial help now.
These changes may have a direct impact on both your eligibility for the Age Pension and the level of payment you may be entitled to. Time is running out to find out if your retirement plans will be impacted and to take action.
Visit the Australian Unions Financial Advice Toolkit and read our article ‘Eligibility for the Age Pension is changing: 8 things you should know’ to find our more.
The information in this article is general in nature and has been prepared without taking into account your objectives, financial situation or needs. Before investing in any product you should therefore read the relevant Product Disclosure Statement (PDS) and consider the appropriateness of any investment for your objectives, financial situation or needs. The Australian Unions Financial Advice Toolkit is powered by Industry Fund Services Limited (IFS), ABN 54 007 016 195, AFSL 232514 IFS one of the largest providers of financial services and products to industry super funds, unions and their members.