Summary: Two changes have been made relating to how account-based pensions will affect certain Centrelink benefits. One is that from January 1, 2015 account-based pensions will be included under the deeming rules. The second change, announced in the budget, affects how pensions will be treated to assess a person’s entitlement to the Commonwealth Seniors Health Card.
Key take-out: Anyone currently receiving an account-based pension and also the age pension should seek professional advice before taking any action.
Key beneficiaries: SMSF trustees and superannuation accountholders. Category: Superannuation.