If you’re receiving a payment from Centrelink and getting an income stream or pension from your superannuation, Vision Super sends Centrelink information directly to assist them in assessing your Age Pension entitlement.
Recently, Centrelink has changed their requirements for how this data has to be sent through to them, which has caused requests to be sent to some members asking them to provide Centrelink schedules in order to prevent their pension being cut off. Rest assured, Vision Super has been working with Centrelink to ensure that members don’t get any more of these requests.
What is a Centrelink schedule?
A Centrelink schedule is a document that Vision Super creates to inform Centrelink of the various components relating to your superannuation income stream. The purpose of the Centrelink schedule is to enable Centrelink to assess the income stream for ‘income test’ and ‘asset test’ purposes. This assessment then contributes to the calculation of your Age Pension entitlements.
What is included in a Centrelink schedule?
A Centrelink schedule gives Centrelink all the necessary information they need about your account, including:
- The name of your superannuation product
- The date of purchase (commencement of income stream)
- The initial investment into the income stream
- Any lump-sum withdrawals since the income stream was created
- The current balance.
This assists Centrelink to determine your entitlements for the Age Pension for another 12 months.
Centrelink schedules are easily accessed online
If you’re a non-commutable account based pension member, or an account based pension member, we will still send you one when you contact us, but the easiest way to get a Centrelink schedule is by logging into your Vision Super account on our website. After you log in, at the top of your screen, you’ll notice it says “Pension” – choose “Centrelink schedule” from the drop-down options and press the button that says “request a new Centrelink schedule”. This enables you to download the document directly to your computer where you can print it or email it to Centrelink. It also allows you to see previous documents you have requested. If you have a lifetime pension you’ll need to call or email us.
If you’d like more information, or you need a copy of your Centrelink schedule, call us on 1300 300 820 Monday to Friday between 8:30am and 5pm and we can set you up with online access, or send the schedule directly to you.