This article highlights one change which seems to have gone largely unnoticed.There is much hype in the media at the moment regarding what changes may or may not be made in this year’s Federal Budget in relation to the Age Pension.
It goes without saying that the government’s Aged Pension system is complicated.
The task of understanding the system becomes even more confusing when you try and reconcile it with superannuation and other investments that entitle you to a part-pension.
A particular quirk of the system is that if you get things wrong and happen to be overpaid you will have to fully repay the amounts to Centrelink. However, if a mistake results in you being underpaid, there is no mechanism for getting back any underpayment.