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).

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