If you have holdings that have been subject to the Stock Market Correction since late November 2007, the value of your investments are probably lower. You probably understand that Centrelink request an annual update of Assets & Liabilities, but you are able to give a more regular update if circumstances change. The correspondence from Centrelink always advises that if circumstances change you need to advise, but generally pensioners assume that means for the worse - in other words, assets increase and therefore the pension reduces. However, in the current circumstances, the value of the investments has probably fallen, therefore, if your pension is scaled back because of asset test reduction, then notifying of a current value will increase your regular pension. Centrelink are not going to voluntarily increase your pension, but you can certainly take steps to help yourself.
17th-April-2008 | 