Join Now
Unlock unlimited access to all our content and get great discounts by purchasing a membership now
Learn more ….
Related posts:
James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
“The account balance of your pension is subject to the assets test”.
How do I work out the “account balance” of my DFRDB pension?
My partner is applying for a pension. I am on long service leave and supplement this income with a transition to retirement payment from my SMSF. Is that payment included in the calculation of my yearly income? Does it bring my SMSF balance into relevancy for calculating my assests?
Thankyou
J Young
Hi Jennifer, thanks for reaching out! Centrelink will assess the amount your are being paid from leave as income but the transition to retirement (TTR) account will primarily be classed as an asset and assessed based on the total balance in the account. There will be some income that your TTR and other financial assets are deemed to earn (to learn more about deeming, CLICK HERE) which will be added to your employment income.
It looks like you have an account set up with us already so I recommend you LOGIN and then click on the Eligibility Calculator in the left hand side menu so you can input simple, high level figures for your leave income, TTR and other income/assets to see if your partner is still eligible or not.