Over the last few weeks we have received lots of comments and questions from customers wondering how their partner’s age and working arrangements can affect their entitlements. So this week we are going to answer some of those questions.
I am 67 and retired but my partner is 60. Can I apply for the age pension?
The answer is yes. Your combined assets and income will however be assessed as a couple. If you are eligible you will receive half of the couple’s age pension entitlement. When your partner reaches pension age he or she can apply and you will receive your full entitlement as a couple.
My younger partner is still working. Can I apply for the age pension?
The answer to this is the same as the above. Yes you can still apply. If your partner is still working then his or her income will be included in the income test for a couple so it could affect the amount you are eligible to receive.
Will my younger partner’s super count towards the asset test?
If your partner is not yet of pension age, and their super is still in an accumulation account, i.e. they haven’t started an income stream, then it is not counted in the assets test. This has led to many people asking the following question…
If I transfer some of my assets to my younger partner’s super could I get more favourable treatment in the assets test?
The answer is yes. People can use the superannuation “bring forward” provisions whereby their partner could contribute up to $330,000 to their super, if they meet the relevant non concessional contribution rules.. If their partner is not yet of pension age their super will be exempt from the assets test. This could mean someone that was previously ineligible for the age pension might now receive a part pension and the Pensioner’s concession card, while a part pensioner will most likely receive more age pension. It is important, however, that you understand the requirements and we suggest you speak to a financial adviser to ensure this approach is right for your financial circumstances.
We would love to hear your comments which you can make below
This article is provided by Retirement Essentials Representative Number: 001260855. We are an authorised representative of SuperEd Pty Ltd ABN 88 118 480 907 AFSL #468859. This information is not intended as financial product advice, legal advice or taxation advice. It does not take into account your personal situation, goals or needs and you should assess your own financial situation, consider if the information is suitable for you and ensure you read any relevant Product Disclosure Statement (PDS) if you choose to make any changes to your financial situation. It is always advisable to consult a financial adviser before making financial decisions.
Hi ,
I am 67 yrs old and receive a full pension , my wife is 61 and unemployed .
She has an active super account .
If she withdrew money ( eg $50,00) from her supper account and deposited into our bank account ,would that affect my pension?
We would still be under the pension assets threshold .
regards
Alan
Hi Alan, thanks for reaching out for assistance. Whilst your wife is under the Age Pension age, any super she has in accumulation is not included as an asset when calculating your pension. Should she start to draw down on her pension prior to reaching Age Pension age then that exemption is removed and the full balance will be counted as an asset moving forward. Therefore although the $50,000 withdrawn may not impact your pension, her total superannuation balance added on to your existing assets may cause a reduction or even cancellation of your pension depending on how much is in her super.
My husband and I retired together 3 years ago and lived on an income stream until he reached pension age and now receives a full pension. His income stream will run out in 6 mths but I am 65 so not eligible for the pension yet. We need to top up his pension so My super fund has said once over 65 I can take out a one off amount from my accumulated phase account to last us till I am eligible. How does that effect things
Hi Jackie, thanks for your comment! Whatever amount you draw out of your super will become an assessable asset however the remaining balance in your super will remain exempt so long as it remains in accumulation.
My husband will be retiring at the age of 67 at which time I will be 60 an I would like to retire when he does.So does that mean that we will get a couples pension with me being only 60 an not working xx
Hi Debbie, thanks for seeking clarity! Your husband will be lodging a couple claim as he is married to you. The couple pension is split 50/50 between each member of the couple so because you will not be eligible your husband will only receive his 50% share of the couple pension. Once you turn of age then you will lodge another couple claim (presuming you are still married) so that you can begin receiving your 50% share of the couple pension.
I’m receiving the full combined Pension ($935) as my wife just got her 100 permanent residency visa.
she has never worked since her Young days in Philippines and we are struggling without any unemployment assistance.
Hi
Can I put $300,000 in to my younger wife’s super in 3 separate transactions of $100,000 in the same year or does it have to be $300,000 in 1 single transaction
Hi Pete. The contribution can be made as one or as several transactions. The important thing to keep in mind is that your partner has to meet the rules and requirements as the money is going into their super. If your partner meets the requirements under the bring forward non concessional contribution rules then you can put up to $330,000 into to your partners super.
I am 74 ,and I. retired in the Philippines,
I get a part pension from Australia.
can I marry my long time Filipino girlfriend ,who doesn’t work and still get the Australian part pension to live on in the Philippines.?
Hi Terry, thanks for your comment! Centrelink pay you either a single or couple Age Pension rate based on whether or not you are simply in a relationship with someone, you do not have to be married to be assessed as a couple. Ergo if you have declared your relationship to Centrelink previously and they are assessing/paying you as a member of a couple then there will be no penalty in marrying your partner as nothing changes in Centrelink’s eyes. If however you have not declared you are in a relationship and are getting paid the single Age Pension rate, then I strongly encourage you to update Centrelink whether you marry or not as you risk being overpaid and accruing a debt that Centrelink will ask to be repaid when they find out you have a partner.
My husband is 67 and I’m 60. I want to retire with my husband at 67. Do we receive the age pension for couples? Also what amount will the age pension be. I have read that it’s 19,000 per year and/or about 38,000 per year. which is it?
Hi Linda, thank you for seeking our help! Centrelink determine single/couple status by whether or not you have a partner (not who is eligible/applying) so yes you will be assessed as a couple and as such the maximum pension you may receive is currently $41,704. Depending on your situation your husband may be eligible to apply for his 50% share of the pension now and then you would apply for your portion when you turn 67.
I turned 66 years old in September 2021, my partner has just turned 56 and earns $47,000 per year am I entitled to any pension when I reach 66 years and 6 months. Thank you
My younger husband is on extended sick leave and is probably going on Com care. Will what he gets through subsidized payments affect my pension? He also has more super than I do and wants to contribute into mine as I haven’t worked as many full time years due to bringing up our children
Hi Jaq, thank you for reaching out! Your husband’s payments will likely be considered income and reduce the amount of Age Pension you receive. Regarding your options with super there are a few things to consider so you get the best outcome, we recommend you book an Understanding More About Super consultation so we can help you make the best decision.
I live with my 67 yr old partner who is on a disability pension. Will he still get his full pension because I work and make about $25000 a year. I’m 58?
Hi Robyn, thank you for reaching out! We do not specialise in the Disability Pension so cannot be certain but generally speaking yes your income (and likely your assets too) need to be declared to Centrelink and may impact the amount of pension your partner receives.
Hi,
I appreciate your all replies, are explained in detail.
Thank you.
Today I read your reply to a question about withdrawing some money from a younger partner super account can change the status of partner super being counted toward couple assest test.
Pls provide some more information on this issue.
Hi Mohammad, thank you for the feedback, it’s great to know our readers are finding our content so beneficial! We may indeed do a separate article on the impacts of drawing down on super prior reaching Age Pension age however for the moment if you have specific concerns we can assist with these via a phone consultation. We will send you an email separate to this comment with further details.
I was filling out the eligibility calculator and noticed there was no place to enter super income stream payments. I assume that these would impact the eligible pension entitlements.
Hey Guy, good pickup however the way Centrelink assess income streams is as assets not income. Therefore you should add the total balance of your income stream to the superannuation section of our eligibility calculator for the most accurate outcome.
I am 72.my husband is 64 but he is retired because of my health.am eligible to apply for aged pension.mary Rae
Hi Mary, thank you for reaching out! You may be eligible for an Age Pension, to find out use our free online eligibility calculator HERE.
Hi Mohammad, thanks for your question. If your partner is not yet of pension age, and their super is still in an accumulation account, then their super is not included in the assets test. If however they withdraw the money and put it in a bank account for instance it will be included in the assets test.
hi I am 65 , my husband 67, I am working part time , earn $48000 a year, can my husband get age pension? thank you Marina
Hi Marina, thanks you for reaching out! The best thing for you to do is go through our free eligibility calculator HERE and enter you and your husband’s financials to see what you are entitled to.
I am on jobseeker and my partner is semi retired can we get married. Would this affect my payments
Hi Jennifer, thank you for reaching out! Centrelink do not define couples only if they are married, de facto relationships are assessed as couples too. The key thing for you is whether Centrelink already know about the relationship or not. If they do, then any impact to your payments will have already happened. If Centrelink do not know that you have a partner then you should notify them asap by filling and lodging a Mod P.
Hi, I am 68 and retired but my husband is 59 and has a small business, would I be entitled to a part pension?
Thank you
Hi Gail. You meet the age requirements for the age pension. Your entitlements will be based on how you are assessed under the assets and income test. You will be assessed as a couple based on your combined assets and income and because your partner is not yet eligible you will receive half of the couples entitlement. You can check what you might be entitled to receive on our eligibility calculator which you can find here
Hi I am 66 and have 2 houses
Mortgage is on the investment property
Will this effect my pension application
Hi Noel. The equity in an investment property will be included in the age pension assets test. Having a mortgage against the investment property reduces the equity and therefore the assessable assets which is good from an age pension entitlements perspective. There may of course be lots of other considerations. If on the other hand the mortgage was against the home then the entire value of the investment property would be included in the assets test.
hi
L was 66 in June this year – when am i able to receive a pension?
Hi Terry. If you turned 66 in June then you already meet the age pension eligibility age and you can apply now. You can check how much you are eligible to receive here.
Hi my name is John Iam 68 and would like to retire my wife works full time and has wage of about $100,000 per year
We owne our home and I have small super can I get the pension.
Hi John. Based on your wife’s salary you will most likely exceed the income test maximum threshold as a couple which is $84,167 p/a. It is worth checking though on our eligibility calculator which you can find here.
Hi my partner is 56 and I am 33. How much will my income affect his ability to draw an aged pension when he hits retirement age. is there anything I can do to increase his odds of getting some form of payment?
Hi Shaun, it’s Sharon here. You raise a good question, so many people wonder if one partner is still working, would it alter their Age Pension entitlement? The simple answer is no, one partner can be working when the other reaches Age Pension age. Your applications would still be considered as a Couple, despite only one person reaching Age Pension age. The reason is that household income and household assets are assessed in the applications.
Centrelink have an Income Test and an Assets Test, and both tests need to be met, and they are compared. Whichever pays the lower amount is the payment received. Provided your income is beneath the Income Test threshold, your partner can still qualify. The total household income is assessed.
Separately, the Assets Test considers the household total assets.
To your question specifically, is there anything you can do? Yes, when one of you is under Age Pension age, having surplus assets contributed to super (super is an exempt asset if it is in accumulation phase) can assist reduce your overall asset values. I’d be happy to assist you further with a tailored appointment to discuss your specific situation. These can be booked with me here
Hi, my husband is 68 and is planning to apply for aged pension and I’m only 43. Only have 50 thousand super. He wants me to stop working when he retires. Would I still be included on the assets test?
Hi Jiji, thank you for your question! Yes your income and/or assets will still be assessable in your husband’s application even though you are not of age nor claiming yourself. The only asset of yours that is exempt from assessment is your superannuation so long as it is still in accumulation phase.
Hi.
I’ve read your latest article. One question though. If my younger partner is receiving an income from her super can she convert her super back into accumulation so that I can then apply for the aged pension ?
The question posted by Ray Brockie on September 28 2021 looks to be one of the few questions on this forum that did not receive a reply. It’s a very important question and if anyone is still monitoring this forum I would be pleased if you could provide a response.
The question was ” If my younger partner is receiving an income from her super can she convert her super back into accumulation so that I can then apply for the aged pension ?”
Hi David, thank you for re-raising an important query! The answer is yes a younger partner can move their account-based pension back into accumulation so that it becomes exempt in the Age Pension test.
Hi, my husband and I have recently applied and been approved for a part age pension. At the time of filling the forms we were not receiving an income stream from our super, however, we have now decided that we need to have an income stream to help maintain our lifestyle. Will this affect the amount that we receive from Centrelink.
Hi Carol, thanks for reaching out for assistance. Transferring some of the money from your accumulation account into an income stream will not impact the amount of pension you receive. You are simply converting one type of asset into another, your overall position is still the same. Income streams and accumulation accounts are assessed the same way by Centrelink. You will need to provide Centrelink with documents to show the withdrawal from your accumulation account and new balance after the withdrawal as well as the schedule for the newly created income stream.
I would like to know if I m untitled to a pension. I am 68 and I don’t have a super and my husband is 63 and still working. I can’t work be cause I have arthritis. Veronica
Hi Veronica, thank you for reaching out for further assistance. As there are a few factors that influence eligibility we will send you an email separate to this comment with details on how we can potentially help via a phone consultation.
I am on 9 acres however it has protected species on it so cannot use the land for anything.
Will this stop me from getting a pension?
Hi Robyn, thanks for reaching out for assistance. The house you live in and surrounding 5 acres will not be counted towards your assets however Centrelink will assess the 4 additional acres as an asset. You are able to stipulate the value of that 4 acres though so based on what you have said you may be able to list the additional land’s value as quite minimal due to the protected species present. If you would like to know more or have other questions we will send you an email separate to this comment with details on how we can assist via a phone consultation.
Hi,
I wondered to assess my partner and mine eligibility for pension what scale of fees are. Our ages are 73 & 66.
Many thanks.
Hi Anthony, we have a number of services depending on the level of assistance you require. We will send you an email separate to this comment with further details so you can decide how you wish to proceed.
I would also like to obtain a copy of the cost structure for advice, thanks
Hi Peta, thanks for reaching out for further assistance. I will send you an email separate to this comment which discusses our services and the associated fees for you to consider.
I am now 70, and haven’t worked for two years. I suffered a major and lifelong physical injury and PTSD when attacked by a client, but because of my age I was only eligible to be on worker’s compensation for one year. We have been living on my wife’s income since. She was made redundant just after I was injured due to Covid, and we lived off our savings until she was able to secure some casual work. She now earns about $66,000 per year. My pension application was just declined because ‘We cannot pay you the aged pension because the combined income of you and your partner is above the allowable limit.’ As well, the letter from Centrelink declining my claim for the pension included the following: ‘Combined fortnightly regular earnings: $2,000.’ I have no idea where that came from because my wife is the only one who works, and her earnings are by no means regular. I note from the form that I don’t appear to have an avenue to dispute the assessment. Do I have any other options?
Regards.
Shane Flynn
Hi Shane, thank you for reaching out for assistance. You can call Centrelink on 132 300 to appeal the outcome and request a re-assessment. You have 13 weeks from the date you were declined to do this so you may wish to request from Centrelink a breakdown of the income they have recorded for you and your wife so that you can understand how they reached their figure and then provide whatever documents are necessary to show your true earnings. On top of employment income there is also deemed income which is the income Centrelink deem you will earn from your financial assets (bank accounts, superannuation, shares etc.) so bare in mind that will be added onto your wife’s employment income.
My 63yo husband withdrew $250k from his super 3 years ago when he was unemployed & worried about a market crash. He’s since seen how much he could have earned if he’d left it there & has decided to return $100k back into his super fund. Will he have to pay tax on it again? He is unemployed, but does regular volunteer work. I’m 67 & on the pension,
Hi Judy. There is no 15% contributions tax payable on what are known as non-concessional contributions. Personal contributions to a super fund such as what you described fall into this category.
I understand how your super accumulation and income stream accounts combine to count as assets. My understanding is that the income stream from there is assessed as income.
What I can’t get my head around is deeming. Deemed income I understand, but if you have in income stream from your super is the assessed income the value of the stream plus the deemed amount. Or does the income stream subtract from the deemed amount?
In other words, are you assessed as consuming your deemed income, or deriving income in addition?
Hi Mark, the amount you are drawing down from your stream is not considered “income” in any way. Centrelink count only the deemed amount which is based on the total balance of your income stream. If, for example, you were drawing down $20,000 per year and the deemed income was $5,000 Centrelink would combine the $5,000 with any other deemed and employment income to calculate your total.
Thanks, Steven
Appreciate the clarification
Reading these replies above and trying to transpose to my own situation for pension eligibility, presuming I pass both elegibility tests, am I right to assume that I would receive half the couples pension, [further reduced if I / we don’t pass one of the tests by 100%]. I am in my early 70’s & have a dependent non working wife aged late 30’s with no real assets or super??
Presumably if I were to place a substantial cash sum up to $330,000 into a SMSF or similar for her, she would not easily gain access to that as a lump sum under normal / most circumstances anyway surely – but I’m unsure as an income stream. Is there a minimum age that she could start receiving that?
Hi Adrian, thanks for your question. Yes there is a minimum age to start receiving an income stream. Basically you can’t start an income stream until you have reached your preservation age. For people born after 1 July 1964 the preservation age is 60.
Thanks for clarifying that James. Was my assumption right that I can receive half the couples pension if I pass both the assets and income tests?
Hi Adrian. Yes that is correct. You will be assessed as a couple and you will receive half of your entitlement as a couple. You can use our age pension eligibility calculator to check how much you are likely to receive. you can find it here
Hi,
I am 1 year away from applying for pension & my wife has another 3
years to go.
1- Once I get on the pension ( subject to our total income & assets)
Is it correct that I have to by law start to draw down on my super 5 – 10 % per year ?
2- I have read I may be able to earn an additional $ 10,000 per year without
it effecting my pension – via paid work or side business.
Is this correct ?
Hi Chris. You aren’t required to withdraw money from a superannuation account but there are minimum withdrawal rates that apply if you have started a super income stream such as an account based pension. These rules apply regardless of whether you are, or are not, receiving the age pension. The ATO has a table of all the minimum withdrawal rates for different age groups which you can find here.
I think what you are referring to in your second question is the work bonus. The work bonus allows people to earn an additional $7,800 p/a without affecting their age pension entitlements. You can read more about the work bonus here.
Hi my wife is 65 and I’m 65 in December we are living off our superannuation income stream. We have to be 66.5 before we are able to get a pension.
My question is when are we able to start the application process with Centrelink and are you able to do this for us.
Thank you
Hi John, you can begin the process up to 13 weeks prior to turning 66.5 this allows Centrelink to approve your claim in time to start paying you as soon as you are eligible. We can definitely help you with the application but given there is still a while to wait it would be best to contact us closer to when you can apply.
Thanks Steven
I will definitely do that. I have a friend who you have helped and he highly recommended retirement essentials to us.
My husband is 69 and receiving a pension from ESS super who do not provide a balance. I am 65 and still 18 months from pension age. My super balance is $250k and has been converted to an income account. Applying for the pension, do we list his fortnightly income as income and my superannuation account only as assets?
Hi Jane, it sounds like your husband is receiving a defined benefit in which case you are correct, there is no balance and you list the amount he receives as income. Your superannuation will still be counted as an asset despite being converted to an income stream so you are correct to list the $250,000 as an asset.
My husband is 66 and has a French pension. I am 64 and have converted my super into an income stream in 2019. My husband has only been resident for just over 2 years so will not received an Australian pension. My question is will my income based pension balance be treated as an asset and assessed as a couple?
Hi I turned 65 in September and my husband turned 59 in may.He is still working and I am not working. We are renting and have no assets, only his super about about 390,000.
Will I be able to collect my pension once I turn 66.5 ?
Hi Joanna. Yes you will be eligible to apply when you turn 66 1/2. In fact you can apply up to 3 months before that date which helps you get your entitlements at the earliest possible date. Based on what you have said your assets will be below the minimum threshold however your husband is still working and his income could affect your pension entitlements. You can check what your entitlements are likely to be and when you can first apply by using our age pension eligibility calculator which you can find here.
Hi
I am 64 years old and hoping to apply for age pension in three years. Myself and my wife has SMSF and we have borrowed through SMSF for an investment property. The equity in the property is $300000 and we still have $100000 in cash within the SMSF.
What will be our super asset?
Hi I would like some advice on whether it’s worth claiming a tax deduction. If I was to put $100,000 into Super as a after tax contribution.
I don’t pay the 15% deposit tax.
If I want to claim it as a tax deduction I will be charged the 15% deposit tax which = $15,000.
If I did that and then claimed it as a tax deduction am I better off?
What amount will I be able to claim as a tax deduction.
I’m getting conflicting advice from the accountant and the super fund.
Hi Caroline. There are a lot of issues to consider to determine whether you will be better off in this situation. A financial adviser will have a better understanding of those issues and would be able to provide some advice for you on this.
Hi, Unrelated to some extent, but seeing how you are taking the trouble to answer all queries, thought you might help here – can be useful to many as well. I am a part pensioner, but haven’t reported the Super balance changes arising from its returns this year to Centrelink. Is it my responsibility or do they pick it up automatically from the ATO. Thanks.
Hi Sarath. Centrelink will automatically update this twice a year, in March and September. the exception is if you are in a Self Managed Super Fund (SMSF). If you are in a SMSF Centrelink will contact you to update it yourself.
Thanks very much James. Relief to know this. Not a SMSF in my case.
I would also like to obtain some one off advice to clarify my situation around a Defined Benefit / Age Pension / tax strategy to increase my income,
Can you advise a cost for one off advice?
Thanks Graham
Hi Graham, thank you for reaching out, we’d love to discuss your situation in more detail and see how we can help! We will send you an email separate to this comment with details on how we might be able to assist.
Hi James,
What are the requirement before you can transfer the super asset fund to your younger partner? Can this be done before or on retirement age?
Thanks.
Kenny
Hi, I am 68 and on an have been on the aged pension since October 2021, my wife is 60 and unemployed. We live off the pension and drawdown from my super. Is there anyway my wife can claim unemployment benefits and will it have an effect on my pension.
Also I have been asked to project manager a 4-5 week installation and potentially earn 30K during this time working as a sole trader, what effect will this have on my pension during the time I am working and in the future.
Hi Wade, if you or anyone else reading would like to talk about your situation in detail, we offer 30min consultations at a cost of $75. We can clarify how Centrelink will assess you specifically and help guide you on any related matters that might impact your Age Pension. If you wish to proceed please CLICK HERE to book the best suitable time available.
My husband is getting age pension with Income stream product. Now I am eligible for Centrelink age pension and I have superannuation account. Should I apply first for income stream product and wait and then apply for age pension or vice versa.
Hi Manisha, thank you for reaching out for help planning your retirement. For you and anyone else who would like to have a discussion with someone they can trust about retirement we do offer financial advice Consultations.
Our financial advice consultations are designed to help you better understand your needs and goals in retirement and some of the actions you can consider to help you achieve those goals. The consultation is online, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.
I am 66 and my wife is 58 years old. We need a guidance for financial planning.
Hi Kiran. If you would like to talk to one of our Advisers you can book a consultation here.
I will be eligible for a pension in a few months. A few months after that, my wife will likely work for a few months, then stop, then start again and this could go on for a long time. She is quite highly paid when she is working. I believe that I would need to advise Centrelink of her salary each time she starts working again and that it would probably “stop” my pension immediately. But how hard is it to advise them later that she has stopped working, and once again start to receive my pension ? Is there a time lag between advising them and starting to once again receive the pension ? I believe that I am correct in that when assessing income, Centrelink looks at CURRENT income. It does not matter whether you earned $500,000 last week. Am I right in this please ? Many thanks to you for this,
Hi Robert, thanks for reaching out! In theory what you are describing is reasonably straight forward in terms of giving Centrelink evidence of your wife’s income so that your pension can be recalculated accordingly.
Centrelink will allow you to earn in excess of the fortnightly threshold (currently $3,314) for 6 fortnights before they will then cancel the pension. Alternatively even if it is less then 6 fortnights, if your wife earns in excess of the yearly threshold (currently $86,154) then your pension will also be cancelled.
The reason I mention this is if your pension is cancelled then you cannot simply turn it back on once your wife stops working/earning. You will need to go through the process of reapplying for the pension with claim forms and supporting documents. So if your wife is regularly going to earn in excess of the thresholds as you implied then it will not be so simple to get back on the pension.
Hello Steven. Thanks very much for your very prompt (and detailed) reply. We now know what our options might look like. Great blog you folks have going here !!
My husband will reach pension age in 10 months. I am 3 years younger and will not be working. Neither of us have super. What type of payment will we be eligible for?
Hi Patricia, thanks for reaching out. From what you have said it sounds like you may be eligible for the Age Pension. To confirm if you are eligible or not I recommend you try our free Eligibility Calculator as this will tell you what you are eligible for and if it is the Age Pension it will tell you how much.
Hi Steven,
Thank you for all the sound acknowledge and advice you give.
In my case, my husband will be eligible for the pension age 67 in February 2024 and I want to retire with him, I’m 60. If I retire a week before my husband is eligible for the pension (he retired a year ago) would centrelink require my last pay slip?
Also, with my husband and I not working and our assessable asset is under 300,000 will he be eligible for the full half age pension?
one more question. At the end of the financial year will my tax return affect my husbands payments?
thank you again for your time.
Hi Linda, thank you for the feedback, it’s always nice to hear people’s appreciation!
In answer to your questions:
1. I recommend providing a copy of your separation certificate as that will clarify your final pay but more importantly that you have definitely ceased work which is Centrelink’s main concern.
2. Most likely yes, he would be eligible for his full 50% share of the full Age Pension (~$800 p/fn).
3. No your tax return will not be of any impact, Centrelink assess your income and assets as of the day you apply moving forward, as you will have retired by then there will be no impact.
Hi Steven, I’m 61 and hubby 69, he intends to work another 12 months then retire, our Dilemma is I have a adult daughter with a disability to which I care for, as I’m under pention age when my husband goes on aged pension his income has to support both of us , is there anything I can claim for myself
Hi Karen, thank you for articulating your situation! Regarding what assistance you may be able to receive via Centrelink, we specialise in the Commonwealth Seniors Health Card and Age Pension only so I couldn’t comment on what other benefits they may be able to offer you. Having said that, given you do need to be smart with your money to ensure it not only covers you expenses but lasts as long as possible, I think you may benefit from one of our Retirement Advice Consultations.
Our Retirement Advice Consultations are designed to help you better understand your needs and goals in retirement and some of the actions you can consider to help you achieve those goals. The consultation can be either online or via phone call, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.
Hi there Steven,
I am younger than my husband by 10 years and work full time. Based on my income of 100,000 he will not get any pension at all when he retires next year. However, I have the potential to salary sacrifice $40,000 a year as part of the catch up arrangements for concessional contributions as I haven’t used my full salary sacrificing amount in the past. Would that mean he might then be eligible for at least a part pension, or does Centrelink still count my original 100,000 income when it comes to calculating our total income?
Hi Liz, thanks for reaching out for help! Sorry to be the bearer of bad news but Centrelink always use gross figures in their assessments, not net. Your income is close the the couple’s threshold ($86,154) so if you were to reduce your days/hours so that your gross income legitimately reduced then your husband may be able to get a small pension but more importantly get the Pensioner Concession Card. You do need to also factor in deemed income from you and your husband’s financial assets on top of your employment income though. You can clickHERE to enter your details into our free online Eligibility Calculator which can do the heavy lifting and let you know how low your income would need to be for your husband to get some pension.
Hi, mt brother is retirement age and his wife is 65 but unable to work due to chronic illness. Is there a way thy get the couples pension?
Hi John. Your brother could pply for the Age Pension and if successful would get half the couple’s pension. His wife might be eligible for a Disability Pension or Jobseeker but not the Age Pension yet.
Hi my husband is of pension age & currently works 10hours per week & I am not a pensioner yet & work part time earning $38,000 pa. My husband declares our combined earnings each fortnight & currently gets a part pension.
My question is, if he stops working completely & I earn $38,000 per year how much pension would he receive. Thank you
Hi Rosie, thanks for reaching out! There are many Age Pension calculators out there that you can use and input multiple situations to understand the impact on your pension. You can find Retirement Essentials free calculator HERE.
My husband who is 68 is receiving a pension and also drawing an income stream from his Super. I am retired by not eligible for a pension as I am 65
I need to top up our bank account as all our money is in our Super funds
If I draw down say $30 which will still keep my husband under the asset threshold in his Super and combined assists; will the money coming out of my Super fund affect his pension payments.
Hi Jacqui, that is a good question to ask! The answer is that yes drawing from your superannuation can impact your husband’s pension. The balance of your superannuation is exempt from assessment so long as you are both under Age Pension age and your super remains untouched in accumulation. If you begin drawing down on your super then Centrelink may remove the exemption currently in place on your super and begin counting the full balance as an asset. So the issue is not so much with how much you decide to withdraw but more so that depending on the balance of your super, losing the exemption could have significant impact.
Hi,
I have an older partner (6 years) who will be entitled to the full age pension in March 2025.
As the rules stand, will I need to retire at the end of the 2024 financial year for her to receive the full pension or can I work right up to her retirement age in March?
My second question pertains to super. Can I withdraw money before the end of the 2024 year without the whole of my super account balance influencing her assets test?
Hi Nu, the queries you have raised have a few ifs, buts and maybes involved so it would be best to discuss your situation in detail. To do this we offer 30min consultations at a cost of $75. We can clarify how Centrelink will assess you specifically and help guide you on any related matters that might impact your Age Pension. If you wish to proceed please CLICK HERE to book the best suitable time available.
My situation . Married couple ,one eligible 67 years with younger wife. Home owner with a managed account of $130,000 . Wife earns about $1000 per fortnight. Does her income reduce the age pension entitlement ? Roughly how much can a wife earn before it will reduce pension.
Regards and thanks for your time .
Hi Richard, thank you for sharing your situation with us! Our records show you completed our eligibility calculator on 15/02/23, as part of that you were send an Eligibility Report which clarified how much pension you could receive based on you and your wife’s financials combined. If you scroll down to page 3 of that same report we included the income and asset thresholds for your convenience.
Hello, I’m 65 and self retired, my wife will be retiring soon, will she be eligible for the pension?
Hi Costa, thank you for reaching out! The best way to confirm your eligibility is via our free, online eligibility calculator HERE.
Hello, my FIL is 73 and has had his pension cut due to his wife just earning over the threshold $300 a fn. If she was to put the money which puts her over the threshold into super each fortnight would this then allow him to receive the pension? It would equate to $7800 per annum.
Hi Jessica, always good to hear from readers who are helping their parents out! Centrelink assess the gross income your FIL’s wife earns, so sending some of that income to super or anywhere else will not change Centrelink’s assessment. The only option would be to reduce her days/hours so she legitimately earns less. Having said that, if you look at the POV of the best case scenario being the one where they receive the most amount of money, she is surely earning more in employment income then he has lost in pension.
Thanks for the advice. Did have a feeling it may be gross but wasn’t 100% sure. Thanks
I am 68 and receive a part pension due to assets and some rental income. I am in a relationship with a 63yo Filipino lady who wants to eventually marry and live in Australia with me. She has no prospects of work and has little money besides her house in the Philippines.
If we married and she gains citizenship, firstly will my pension reduce and would she ever be eligible for an Australian pension? I have tried finding an answer to this question with little success.
Hi Phil, thank you for seeking clarity! Centrelink do assess couples differently to singles however you do not have to be married to be considered a couple, de facto relationships count too. Therefore you should notify Centrelink that you have a partner now if they do not already know about her. You can read more on the different thresholds and pension rates available to singles vs couples HERE or if you would like to have a discussion with someone you can trust about how it works, book a confidential consultation with one of our specialists HERE.
Yes, I have used the calculators. That I have no problem with but I am wondering if for someone from a country with no reciprocal country pension arrangement and who has not worked for 10 years in Australia, whether they would have any access to an Australian pension by virtue of marriage or defacto relationship?
Hi Phil, if you wish to learn more then as I suggested previously I recommend you book a consultation HERE so that we can go through the criteria in more details with you.
Hi I am 66 Feb 23 am I entitled to a pension or have I missed the boat
Hi Julie, thanks for your question! The way the age criteria works is:
66 years, if you were born between 1 January 1954 and 30 June 1955
66 years and 6 months, if you were born between 1 July 1955 and 31 December 1956.
67 years, if you were born on or after 1 January 1957.
Based on you being 66 this year I presume you were born in 1957 so will need to wait a little longer but you can apply 13 weeks prior to turning Age Pension age.
I am 70 and my partner is 62. She does not work. For the Income Test purposes, what is the Financial Assets Tier 1 threshold. Is it $100,200 or $50,100. Most of our financial assets are in my name but some are in joint names and a small amount in her name only.
I find the below Centrelink statement confusing. Neither of us get a pension at the moment but I will. I know she will not, for a few more years. In terms of the Centrelink statement, does that mean neither of us gets a pension or does that mean 1 of us gets a pension. Your clarification will be greatly appreciated.
“If you’re a member of a couple and at least one of you get a pension:-
The first $100,200 of your combined financial assets has the deemed rate of 0.25% applied. Anything over $100,200 is deemed to earn 2.25%.
If you’re a member of a couple and neither of you get a pension
The first $50,100 of each of your own and your share of joint financial assets has a deemed income of 0.25% per year. Anything over $50,100 is deemed to earn 2.25%.”
Hi Barry, thanks for seeking our help! The second quote you included is the one that will be applicable to your situation when you lodge your claim.
My husband is 65 and I am 50, for the past 3 years I have done contribution splitting, now he is 65 I can no longer do that. Is there any way I can continue to split my super or re-contribute my super to him?
Hi Louisa, thank you for reaching out – super contribution types and rules can be a complex area. If you are 50 yo and still working it is unlikely that you meet a condition of release to withdraw from your super to contribute into your husbands superfund (to Re-contribute). Alternatively, depending on your circumstances you may be able to benefit from making Spouse Contributions however, it ultimately comes down to what you are trying to achieve in the short and medium term. We would be happy to discuss your situation, help identify some suitable options for you and explain the rules associated, in one of our Understanding Super consultations. We look forward to meeting with you. Thanks, Megan.
I am 70 and want to retire – I own a house and have about $200,000.00 in assets and super – my wife is 64, does not work and has no super – what am i/we entitled to?
Hi John, thanks for your query! The best way to confirm what you are eligible for is via our free, online calculator HERE.
I am a widower on a single pension. if I marry a 61 yr old does my pension revert to a married pension.
Hi Steve, thanks for seeking further clarity! Technically you don’t even have to marry someone, simply being in a formal relationship with them is sufficient for Centrelink to class you as a couple and yes your pension amount and assessment criteria would swap from single to couple.
my husband aged 71 retired and i am aged 62 still working. Are there any disadvantages of a Withdrawal & Recontribution from my husbands’ super into mine. My husband wishes to transfer $330000 his super to me so he can be entitled for age pension.
Is that true “Withdrawing large amounts and contributing them could have capital gains tax (CGT) implications, incur transaction costs and be impacted by time out of the market.”
please advise if Centrelink treat this as gifting which has a limit.
G’day I am on an aged pension (72) my girfriend is 62 , we dont live together she owns her house, I rent, and we share no assets or income, I understand that if we move in together her income will affect my pension on a sliding scale, however most of her income is a tax free transition to retirement and she only works one or two days a week (taxable income). My question … is the transition to retirement payment taken into account in the partner income test? Thanks in advance.
Hi Ken, transition to retirement accounts are assessable by Centrelink but primarily as assets based on the total balance available. The only impact a TTR account has on income is the deemed income it generates (2.25% of the total balance).