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MoneyPension payments could increase with change to deeming rate

03:35  08 july  2019
03:35  08 july  2019 Source:   msn.com

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From changes to deeming rates and pension rules, to increases in the Age Pension , the new income and assets test limits and the lowdown on Age Pension From 20 March 2018, 4.7 million pension and allowance recipients received increases to their payments to help them keep up with.

More than half a million Australians could have their pension payments increased with the government on the cusp of making a significant change . Labor claims if the government lowers the deeming rate by the same amount the Reserve Bank has lowered interest rates , some

Pension payments could increase with change to deeming rate© AAP Prime Minister Scott Morrison and Treasurer Josh Frydenberg leave the Reserve Bank of Australia building after meeting with the RBA Governor Philip Lowe in Sydney. (AAP Image/Dean Lewins) More than half a million Australians could have their pension payments increased with the government on the cusp of making a significant change.

Labor claims if the government lowers the deeming rate by the same amount the Reserve Bank has lowered interest rates, some part-pensioners will be anywhere between $62 and $3875 a year better off.

The government is unlikely to lower it by that much because it would almost wipe out its surplus but hundreds of thousands of pensioners will almost certainly get more cash sometime this week.

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Age Pension rates increase on 20th September. Can you get an advance payment of the Age Pension ? The Age Pension rates will next change on 20 March 2020. Age Pension rates and the upper thresholds for the assets and income tests (ie for those who are eligible for a part Age Pension )

READ MORE: Pension payments could increase with change to deeming rate . Josh Frydenberg says those deeming rates apply to about one in four pensioners. “ Deeming rates apply to a suite of financial assets not just money in the bank account, it also applies to money in superannuation funds

Deeming is how the government works out the income made from a person’s investments – regardless of what they really earn.

Currently, the government assumes pensioners are getting a 3.25 per cent return on any investment over $51,200 and 1.75 per cent on anything less than that.

They’re allowed to earn up to $172 per fortnight in extra income before their pension payments are reduced.

But with the cash rate now at one per cent, anyone who has money tied up in savings accounts or term deposits isn't making anywhere near that, so they’re having their pension payments unfairly reduced and are living off less money.

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