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ARTICLE · 29 JULY 2015

Proposed changes to the Age Pension in the 2015-16 Budget

Moore Australia
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You should start to consider how these proposed changes may impact your personal circumstances to make plans accordingly.

AustraliaGovernment, Public Sector
Dorothy Yip
Dorothy Yip
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The Government proposed some changes to the Age Pension in the 2015 Federal Budget. As with all changes, there will be winners and losers. The Government estimates that around 50,000 part pensioners will qualify for a full pension while some 170,000 will gain a modest increase to their pensions under the proposed reforms. However, a greater number (235,000) will have their current pension reduced and almost 91,000 pensioners will lose their entitlements entirely.

What are the changes?

An individual who has reached pension age can qualify for the Age Pension after being Centrelink income and assets tested. The income test remains unchanged. The Government has proposed two changes to the assets test:

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