Question

Ed (age 68) and Pam (age 61) are applying for the Age Pension. Given their assets listed below, what is their level of assets assessed by Centrelink (Australia)?

Ed’s superannuation $375,000
Ed’s 20 year term allocated pension (purchase price, no residual value, held for 4 years.) $100,000
Pam’s superannuation (accumulation) $75,000
Managed funds (in Ed’s name) $28,500
Joint bank account $13,000
Two cars $25,000
Contents (firesale value) $10,000
Principal residence $550,000

Someone has posted this question but the only answer provided was very wrong.

Answer 1

as per the centerlink,in 2018, maximum amount a single persons rate was $826 and $1245 for couple.and this amount of pension can be reduced by centerlink bases on assets test and income test and from the above information the amount of level of assets assessed by centerlink would be $5,01,500