Monday, 13 February 2017
The Government has announced changes to the Assets Test that will apply to pension entitlements from 1st January 2017.
An estimated 50,000 more Australians will qualify for a full pension but an estimated 320 ,000 may have their pensions reduced. An investment in a funeral bond is exempt for the Income and Assets Test providing no more than 2 funeral funding arrangements are held and together they do not exceed the maximum eligible investment threshold (currently $12,500 per person). An investment in a funeral bond may lead to an increase in your pension entitlement by reducing your assets if you are close to the assessment amount. Please contact Centrelink for further information on your particular situation.
For more information on funeral bonds and pre-paying your funeral please call us on freecall 1800 118 188 or 4634 9946 we are happy to assist you and are specialists in pre-planning.
Information supplied by Sureplan Friendly Society