Deeming Rates Changed?
Released: 12 Mar 2010
A client rang me this morning to notify me of a change to their Age Pension. This caused concern as there had been no changes to his circumstances.
He wondered if the deeming rates had changed. Google has the answer to everything, and a quick search revealed nothing. Plenty of information on deeming rates, but nothing recent, and nothing to do with changes.
A quick call to Centrelink, and the matter was resolved.
As at 20 March 2010, it would appear that the deeming rates will change. Given the current interest rate environment, this is fair enough.
The lower deeming rate of 2% will move to 3%.
The upper deeming rate of 3% will move to 4.5%.
Although this change will not occur until 20th March 2010, Centrelink clients have started receiving notification of the changes to their payments. Furthermore, a reassessment of current share prices and managed fund unit prices has also taken effect from 20th March 2010.
Need help understanding your Centrelink position? Want to consider ways to maximise your Age Pension or other payments? Contact
Scott Keeley on (08) 8333 2488.
The information provided above is for general information purposes only and has been prepared without consideration of the relevant personal circumstances of any individual investor. You should consult with your financial adviser before acting on the information.