Monday 01 September 2014
Social security: deeming of account based pensions
Legislation affecting the social security income test treatment of account-based pensions (ABPs) will take effect from January 2015, potentially impacting clients’ pension entitlements and aged care fees.
Subject to transitional rules, deemed income based on an ABP’s account balance will be assessed instead of income calculated based on actual drawdowns, less a deduction amount representing a return of capital.
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