Market volatility: Super’s silver lining
If your super balance has suffered from recent market volatility there may be opportunities available now that weren’t before. Here are a few worth exploring.
Entitlement to an Age Pension
If you’re 67 or older, a lower super balance may mean you now qualify for the Age Pension or a higher payment if you are already getting an Age Pension.
Most assets, including super and super pensions, are assessed under the Centrelink asset test to determine eligibility.
The Age Pension is subject to both income and asset tests, and the one resulting in the lower payment applies.
If your assets fall below the cut-off threshold, you may qualify for a part Age Pension (subject to the income test). If they’re below the full pension asset test threshold, you may receive the maximum entitlement.
The table below shows the asset thresholds for receiving a full pension, as well as the cut-off point beyond which you’re no longer eligible:
| Your situation | Full pension if assets less than | Cut-off limit |
|---|---|---|
| Single homeowner | $314,000 | $697,000 |
| Single non-homeowner | $566,000 | $949,000 |
| Couple homeowner (combined) | $470,000 | $1,047,500 |
| Couple non-homeowner (combined) | $722,000 | $1,299,500 |
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