Centrelink entitlements
Under Australia's Social Security system, members of the Cbus Super Income Stream may be entitled to Social Security benefits (the age pension) in addition to their Cbus Super Income Stream. However, the rules are complex, and the following information is of a general nature only.
Centrelink / Department of Veteran's Affairs (DVA) Entitlements
The amount you’re eligible to receive from Centrelink or the DVA depends on your income and your assets. The Income and Assets Tests are applied each year, and your Centrelink benefits (if any) are calculated based on the information you provide.
Your Centrelink entitlements will be based on which ever test provides the lower amount: the Income Test or the Assets Test.
Assets Test
The total value of your Cbus Super Income Stream (which commenced on or after 1 July 2007) is counted as an asset under the Assets Test. Other assets you have may or may not be counted. Check with your financial planner or Centrelink for more information.
Income Test
Regular payments from your account, less an amount representing the return of your investment (non-assessable portion), are included under the Income Test.
On commencement of your Cbus Super Income Stream, we will provide a schedule to Centrelink, detailing your retirement income information. A schedule will then be provided yearly and after any drawdown. For further information on this, please contact Centrelink or your financial planner.
Other income you receive may or may not be counted. Check with your financial planner or Centrelink for more information.
This information is a guide only. We recommend you contact Centrelink or your financial planner for information regarding Centrelink payments.