My wife has an allocated pension taken out in 2007 which means 1/2 will be counted in the asset base and the income is not assessed for old age pension.She is not 65 yet.
thus far pre 2007 , assets not counted , income not counted 2007 , 1/2 assets counted , income not counted pre2015 , full assets counted , income not counted 2015 , full assets counted , income deemed
The above is grandfathering....these are the exemptions IF YOU ARE LESS THAN 65 NOW and will have an allocated pension prior to 2015 .
You have to be in receipt of the Age Pension and have an established allocated pension prior to 1st Jan 2015 IF YOU ARE 65 OR ABOVE NOW .
so anyone over 55 in 2014 that takes out an allocated pension or has one now will be calculated as above...those 65 and older that dont have an old age pension can rejig their finances to get an old age pension prior to 2015 , those getting an old age pension are assessed on their current calculation methods.
