Frozen funds
People affected by the recent stock market downturn are encouraged to talk to their investment companies for advice on their current situation before calling Centrelink.
Australians who have been affected generally fall into 4 broad categories. The type of help Centrelink can provide will vary depending on their situation.
People who have shares or managed investments but the income and assets are not frozen
People whose shares or managed investments have fallen in value should contact Centrelink as we can reassess the value of these investments to see if someone is eligible for an increase in their pension. If someone was previously not eligible for Age Pension because of their assets, they should also contact Centrelink to see if they are now eligible.
People whose assets have been frozen, but are still drawing a regular income from those investments
Centrelink will continue to count the value of the income and assets as normal. However, if people need money for other urgent purposes they should speak to Centrelink's Financial Information Service on 13 2300 about their options, such as an Advance Payment.
People whose assets and income have both been frozen
While Centrelink will count the value of the asset, people should contact Centrelink on 13 2300 to arrange to speak to a Centrelink Financial Information Service Officer. In some instances, people may be eligible for a temporary exemption under the hardship provisions.
People who invested in a company that has now failed
This is usually characterised by the appointment of a receiver or administrator, and this is not necessarily the case for frozen funds. People in this situation should contact Centrelink on 13 2300 as soon as possible to discuss eligibility for assistance or a possible increase in their pension. In some cases, deeming exemptions may also be sought.
More information
You should contact your investment company and financial adviser before making any changes to your situation. This ensures you have all the facts to make the most informed decision about securing your financial future.
If there has been a change in your situation, you can call Centrelink to see if there is any support available based on this change.
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