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Age Pension Thresholds 2021/22

We always watch for these new threshold amounts rather eagerly as they allow the calculators to be updated for 2021/22. The increases are:

Age Pension Income Free Threshold Previous 1 July 2021
Single $178.00 p.f. $180.00 p.f.
Couple (combined) $316.00 p.f. $320.00 p.f.
Illness-separated (couple combined) $316.00 p.f. $320.00 p.f.
Age Pension Asset Free Threshold
Homeowner
Single $268,000 $270,500
Couple (combined) $401,500 $405,000
Illness-separated (couple combined) $401,500 $405,000
Non-Homeowner
Single $482,500 $487,000
Couple (combined) $616,000 $621,500
Illness-separated (couple combined) $616,000 $621,500
Exempt Funeral Investment Threshold$13,500$13,500
Deeming Thresholds
Single $53,000 $53,600
Couple (combined) $88,000 $89,000

Thank you to all the practitioners who have forwarded advanced copies of legacy pensions. We look forward to assisting with the run-off of this group of pensions. From that work, one group worries me – the 1.06(6) flexi pensions. Currently, they are not covered by the announced dispensation. Many are in a situation that will be difficult to resolve. In the worst-case scenario, they were set up with adequacy reserves; had a build-up of the level of reserves that wasn’t addressed; sometimes a conversion to an ABP that marooned even more and the problem continuing to grow.

There are two weeks until the end of the financial year. Please consider for each of your legacy pensions whether reserve allocations need to be made for 2020/21. If you are uncertain about the level of the surplus reserves, give me a call and – without cost or obligation – we will produce a quick estimate.

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