Superannuation (super) is a long term savings structure to help fund your retirement. How we assess your super depends on your age and whether you’re drawing an income stream from your fund.
If you’re under Age Pension age
We’ll only count your super in the income and assets tests if your fund is paying you:
If you withdraw your super
Taking money out of super doesn’t affect payments from us. But what you do with the money may affect your payment. For instance, we’ll count it in your income and assets tests if you:
- use it to buy an income stream
- put it in the bank
- buy another financial investment.
If you’re Age Pension age
When you reach Age Pension age, we count your super in both the income and assets tests.
The income test assesses your super as part of your financial assets. We also use deeming rules to work out a deemed income amount.
The assets test considers:
- the balance on your latest statement, if it’s invested in an account based fund
- the number of units multiplied by the latest unit price, if it’s invested in a unitised fund.
The same rules apply to your partner and their super if they’re Age Pension age. The rules apply even if they’re not getting a payment from us.
We may be able to exempt your super from the income and assets tests. You must be Age Pension age or older and unable to access your super investment.
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