Benefits from Centrelink
Centrelink uses two tests, the Assets Test and the Income Test, to assess eligibility for the Age Pension. You may qualify for a part pension if your assets and income are below these limits and also meet a range of other eligibility requirements, including criteria regarding your age and residential status.
The proportion of a State Super pension counted for the Age Pension Income Test is your gross pension minus a deductible amount (which is equal to your tax-free component). From 1 January 2016, the deductible amount is capped at a maximum of 10% of gross payments. Note Veterans’ Affairs pensioners are not affected by this change. You can find this amount in the letter advising of your annual CPI indexation, and online via the secure Members' Login Area on the State Super website.
To assess your pension entitlement, you must look at both the Income and Assets tests. Centrelink will apply whichever test results in the lower rate, even if it means you are ineligible for the pension. Your State Super pension is not assessed under the Age Pension Assets Test. If you would like to know more, please contact Centrelink on 132 300 or visit www.humanservices.gov.au.
Alternatively, a StatePlus financial planner can also assist you in determining your eligibility for the age pension. To speak to a StatePlus financial planner about your situation, please call 1800 620 305 or visit www.stateplus.com.au.
Note: State Super Financial Services Australia Limited, trading as StatePlus, is the holder of an Australian Financial Services Licence 238430, ABN 86 003 742 756. StatePlus is a ‘for profit’ financial services organisation which also provides financial planning advice. As of 6 June 2016, StatePlus is wholly owned by FSS Trustee Corporation (ABN 11 118 202 672 and AFSL 293340) as trustee of the First State Superannuation Scheme (ABN 53 226 460 365). StatePlus has its own Board and Management team. State Super does not pay any fees to StatePlus for the financial advice and member seminar services it provides to State Super members. State Super is not a representative of StatePlus and receives no commission when making referrals to StatePlus for financial planning services. Neither State Super nor the New South Wales Government take any responsibility for the services offered by StatePlus, nor do they or StatePlus guarantee the performance of any service or product provided by StatePlus.