Q&A: Is my account based pension counted as income or asset?
Hi, it’s Greg from Retirement Essentials, your helping hand when applying for the age pension. An account based pension is also known an as ‘allocated’ pension and it’s a regular income stream drawn from the money you’ve accumulated in your super. The account balance of your pension is subject to the assets test, but the income is deemed – that means it doesn’t matter what actual income you receive from your account based pension, because Centrelink use a set of rules and assume a level of income from your financial assets. You can see the current assume rates of income here. Please leave all questions in the “Comments” section.