Blog

Deeming of account-based pensions

To qualify for the current treatment under the grandfathering rules, the individual must be receiving a Centrelink/DVA income support payment immediately before 1 January 2015 and must continue to receive that income support payment. This means, for example, a TTR pension commenced prior to 1 January 2015 will only be grandfathered if the recipient is also receiving a social security pension/allowance.

 

Grandfathering will also apply to account-based pensions that automatically revert to a reversionary beneficiary on the death of the original recipient on condition that at the time of the reversion, the reversionary beneficiary is receiving an income support payment and continues to receive the payment.

 

A grandfathering client will be subject to the deeming rules on account-based pensions once the income support payment ceases (regardless of whether the client qualifies for the same or another income support payment at a later date).

Get The Latest News *disabled

Brisbane Office

Level 11 / 300 Ann St
Brisbane, 4001
Ph: (07) 3223 6000
Fax: (07) 3012 8399

Strathpine Office

Unit 3, 27 South Pine Rd
Brendale, 4500
Ph: (07) 3490 9988
Fax: (07) 3490 9984

Caboolture Office

Level 1, 11-13 Bertha St
Caboolture, 4510
Ph: (07) 5428 9555
Fax: (07) 5498 9320