Entitlements cut to thousands of pensioners

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MORE than 300,000 Australian Age Pensioners will have their entitlements cut from January 1.

Just under 100,000 of those affected are expected to lose all Age Pension entitlements, thanks to the introduction of asset testing from the New Year.

Under the changes, if you currently receive the Age Pension, and you own more than $823,000 in assets including super and all other assets (but excluding your home), then you will no longer receive the Age Pension from January 1.

Age Pensioner home-owning couples who own less than $823,000 in assets, but more than $450,000 in assets, can also expect their entitlements to take a hit.

Topics:  age pension age pensioners entitlements

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