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Narrabeen, NSW

S 33°42'09" E 151°18'15"

Fri 30 Jun - Fri 14 Jul 2000

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We're free at last.

As we have still have some appointments in Sydney , we moved to the Narrabeen Caravan Park.

We had made an appointment to talk to a Financial Services Advisor at Centrelink. I expected some advice about different types of investment but what we got was very different.

We have an amnesty for 12 months on the asset from the sale of the house because we "intend to buy another residence". This means our position re the assets test remains unchanged. Meanwhile the income from the money is calculated at the deeming rate which is quite low and it will cut, but not eliminate, Jean's pension and my partner allowance and we get to keep the pensioner benefits cards.

Even if we don't buy a house within 12 months, we will still not reach the asset limit and will not lose the pension entirely.

Apparently, all this is intended to encourage people like us to invest in our retirement - as though we had any other option.

It seems that we will not have to live in penury.

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Created by Robin Chalmers on 21.05.2000 and last revised 16.07.2000