They said I couldn’t get the pension is an Authorised Representative of RI Advice Group Pty Ltd

They said I couldn’t get the pension is an Authorised Representative of RI Advice Group Pty Ltd

They said I couldn’t get the pension is an Authorised Representative of RI Advice Group Pty Ltd

They said I couldn’t get the pension is an Authorised Representative of RI Advice Group Pty Ltd My Name Financial

Title here is an Authorised Representative of RI Advice Group Pty Ltd JV logo

5 Disclaimer Important Notice RI Advice Group Pty Ltd, ABN , holds Australian Financial Services Licence Number and is licensed to provide financial product advice and deal in financial products such as: deposit and payment products, derivatives, life products, managed investment schemes including investor directed portfolio services, securities, superannuation, Retirement Savings Accounts. The information presented in this seminar is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. RI Advice Group strongly suggests that no person should act specifically on the basis of the information contained herein but should obtain appropriate professional advice based on their own circumstances.

6 6 Agenda Qualifying for a Government pension Assets test Income Test Improving your eligibility Other Government benefits Why speak to RetireInvest?

7 7 Qualifying for a Government pension To be eligible for the age pension you must currently be: – An Australian resident – Age 65 or over –Centrelink also applies two ‘tests’ to determine what level of pension you may receive: –Assets test –Income test

8 Interaction of income and assets tests 8 Entitlement is determined under both tests Need to identify test which determines entitlement and implement strategies to improve entitlement. Assets TestIncome Test Lower amount Pension entitlement

9 9 Assets test Homeowners Single Couple (combined) For full pension* up to $202,000 up to $286,500 For part pension less than $771,750 less than $1,145,500 Non-homeowners Single Couple (combined) For full pension* up to $348,500 up to $433,000 For part pension less than $918,250 less than $1,129,000 Source: Centrelink website – thresholds apply To Dec * Assets over these amounts reduce pension by $1.50 per fortnight for every $1,000 over thresholds (single and couple, combined) Assets test - the more assets you have, the less pension you receive. Asset thresholds and cut-out rate:

10 Improving your eligibility Under the Assets test Gift within limits Improvements to Principal residence For couples where one member is under Age pension age: –contribute new or re-contribute existing funds into Super for younger spouse Purchase a Funeral Bond up to $12,000* Pay a Refundable Accommodation Deposit on entry to Aged Care facility *Source: Centrelink website – threshold applies to 31 Dec 2014.

11 Income test Family situation Single Couple (combined) For full pension (pf) up to $160 up to $284 For part pension (pf) less than $1,868.60* less than $2,860.00* Current pension entitlement reduces —50 cents for each dollar over the limit (single) —25 cents for each dollar over the limit (couple – each) —Eg: $100 per fortnight over threshold reduces pension by $1,300 per annum (single or $650 pa each member of a couple) Source: Centrelink website – thresholds apply from to 31 Dec 2014 Income test – the higher your assessable income, the less pension your receive. Income threshold and cut-out rate:

12 Improving your eligibility *Source: Centrelink website – threshold applies to 31 Dec 2014 Under the Assets test Gift within limits Improvements to Principal residence For couples where one member is under Age pension age: –contribute new or re-contribute existing funds into Super for younger spouse Purchase a Funeral Bond – up to $12,000 Pay an Accommodation Deposit (lump sum) does not count as an asset. It is also not deemed.

13 Maximising your pension entitlements InvestmentTreatment by Centrelink Non Account based pensions with a term > 5 years Life Expectancy, Lifetime & fixed Term annuities and Superannuation pensions Only part of income/annuity payment assessed by Centrelink under the income test Account based or Allocated pensions Only part of the pension is assessed by Centrelink under the income test. From 1 January 2015, new account based pensions will be deemed under the income test. However only part of the pension payment will continue to be assessed, if you commence an account based pension and receive a Centrelink income support payment before 1 January Investment propertyRental income, less allowable expenses is assessed under the income test Financial investments earning more than the current deeming rates Investments assessed as earning income at deeming rates. The portion of the return greater than the deeming rates is not assessed by Centrelink under the income test

14 Other Government benefits Age pension entitlement gives you access to other Government benefits and allowances for pensioners and retirees including: – Bulk billed medical rates – Carer allowance – Disability support scheme – Discounts on eligible prescriptions – Lower council and water rates Remember, even if you didn’t qualify for the age pension in the past, you may now be eligible to receive at least a part Pension. This means you will have access to other Government benefits and allowances.

15 What does this all mean? In summary: There are a number of rules that determine age pension entitlement Understanding how the rules apply to your situation allows you to consider strategies which may result in an increase in age pension Have the opportunity to understand the impact of each strategy on your situation and decide if it is appropriate for you Make sure you are well positioned to make the most of these opportunities

16 Why speak to us? Experienced –Over 25 years experience –Over 80,000 clients –Over $10b under advice Professional personal advice Advice underpinned by quality research and technical teams Over 100 offices nationwide Global company

17 Why speak to us? We can help you: Qualify for the pension using pension friendly strategies –Find out more about tax-free pensions for the over 60s – Make the most of tax-effective income and Centrelink benefit strategies Seeking advice is about getting the most from what you’ve got

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