Allocated and market-linked income streams review frequently asked questions
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When are allocated and market-linked income streams reviewed?
Allocated (also known as account based pension) and market-linked (also known as term allocated pension) income streams are reviewed by Centrelink in February and August each year. Centrelink writes to customers who have allocated pensions, allocated annuities and market-linked income streams requesting the current details of their income stream.
To provide a better service to customers, Centrelink has arranged to get the details direct from some of the organisations that provide these products. These arrangements are in place for some organisations, so customers may still receive a review letter.
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Who should receive the review letter?
The February review letters are sent to all Centrelink customers receiving Age Pension, Disability Support Pension, Carer Payment, Wife Pension and Widow B Pension payments and their partners, if you or your partner have allocated and/or market-linked income streams purchased from a retail provider (i.e. not paid from your self-managed super fund or small APRA fund) and your payments are asset tested, or income tested and are within $10,000 of the asset test changeover point.
The August review letters are sent to most customers receiving a Centrelink payment (except if you receive a Low Income Card, Commonwealth Seniors Health Card and Family Tax Benefit) if you or your partner have allocated and/or market-linked income streams.
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What information do I need to provide?
The February review letter lists the allocated and/or market-linked income stream products held by you or your partner and requests the account balances of your listed income streams as at 31 December of the previous year and any commutations (lump sum withdrawals other than the normal regular payments) made in the current financial year.
The August review letter lists the allocated and/or market-linked income stream products held by you or your partner and requests the account balance as at 1 July, the new nominated annual income amount for that financial year and any commutations (lump sum withdrawals other than the normal regular payments) made in the previous financial year.
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Do I have to provide a new income stream schedule?
No. You do not have to provide Centrelink with a new income stream schedule. The letter will advise you to answer the questions listed in it and to return the questionnaire to Centrelink in the reply paid envelope enclosed with their letter. Please note, information requested in this questionnaire cannot be accepted over the phone. Centrelink must receive your completed questionnaire.
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How long do I have to return the review?
Income streams from retail providers:
You should return the review within 21 days from the date of the letter. If you do not return the questionnaire within 21 days your payment may be stopped. Please contact Centrelink as soon as possible if you think you may not be able to provide the information within 21 days.
Income streams from Self Managed Superannuation Funds or Small APRA Funds:
You should return the review by 31 December of the current year. If you do not return the questionnaire by 31 December your payment may be stopped. Please contact Centrelink as soon as possible if you think you may not be able to provide the information by 31 December.
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More Information
For more information on income streams, you can:
- contact Centrelink
- view Financial Information Services.
- Refer to retirement income streams on the Department of Families, Housing, Community Services and Indigenous Affairs website.