Pension Amount Calculator - Couples
The HIP Pension Couples calculator can work out the amount of pension or allowance you and your partner will receive. If you are not sure if you are eligible for a pension or allowance, you should first use the Pension Eligibility calculator. This pension amount calculator is for couples. For pension and allowance purposes, a couple is a man and woman who are legally married or living in a marriage-like (de facto) relationship.
The calculator relies on certain assumptions (see below). Please note that if the assumptions used are not correct or if there is any variation from these assumptions, this may have a significant impact on the projected outcome.
Please note: these calculators are Windows compatible only. You require Java to be enabled in the preferences settings of your browser.
STEP 1
If you do not know if you are eligible for a pension or allowance, click here to go to the Pension Eligibility calculator. If you are eligible, proceed to
STEP 2
Enter all the relevant details on the 'Your Details' tab.
STEP 3
Click on the 'Financial Details' tab and enter your financial details.
STEP 4
Then click on either the 'Her Pension Amount' tab or the 'His Pension Amount' tab to see the amount of pension or allowance that you are entitled to.
Note: that the questions that appear on the 'Financial Details' tab vary according to whether the answer to the Pension Eligibility question is Pension for both members of the couple or one or both receive an allowance.
Important Notes
1. To the Pension Eligibility question you may choose either ‘Pension’ or ‘Allowance’. Pension may be either an age pension or a service pension (after service in the armed forces). Allowance may be a Partner allowance. If you are not sure which applies, each person should use the Pension Eligibility calculator, which will tell you the answer.
2. The first two lines of the Financial Details tab will tell you the ages from which your superannuation assets will be included in the pension/allowance means test. This is the age from which you become eligible for the Age or Service Pension. If you have not reached that age, then the super asset value displays as exempt.
3. The questions on the Financial Details tab allow you to input information about your assets and income so that the calculator can take account of the assets test and income test that applies to the calculation of the amount of an age or service pension or allowance.
4. Personal Property (home, contents, cars, caravans, boats and antiques) is valued at cash sale value, not insurance value. They are included in the pension assets test but not the income test.
5. Assets under the heading ‘Financial Assets’ fall under deeming rules. Basically this means that they are assumed to earn a certain earning rate each year. Thus, the income from these is calculated and displayed rather than entered by you. Financial Assets include:
o Bank, building society and credit union accounts;
o Cash;
o Term deposits;
o Friendly society bonds;
o Managed investments;
o Assets in superannuation and rollover funds held by anyone of Age Pension age;
o Listed shares and securities;
o Short term asset tested annuities or pensions (i.e they are paid for no more than 5 years);
o Loans and debentures;
o Shares in unlisted public companies; and
o Gold and other bullion.
6. If you are entering details of an annuity or pension above, please first use the Annuities and Pensions calculator to obtain the asset and income values.
7. Property (other than the home) is included in the assets test at market value. The net income is included in the income test. The net income is the same as the net income for income tax purposes except that some deductions are not allowed. These are capital depreciation, special building write-off, construction costs and non-interest borrowing costs.
8. The figures are based on the assumptions above and are General Illustrations Only. They are not intended to be a substitute for professional financial advice. They do not make any allowance for fees or taxes on the superannuation benefit received at retirement.
9. HIP and its related companies specifically disclaim any liability (whether based in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential, or special damages arising out of or in any way connected with the access to or use of this calculator.
10. Other than as required under consumer protection law, under no circumstances will HIP and its related companies be liable for any loss or damage caused by a user’s reliance on information obtained by using this calculator.
11. You should not make any decisions on the information contained herein without first consulting with your financial adviser or accountant.
This website is provided by Private Hospitals Superannuation Pty Ltd ABN 59 006 792 749, AFSL 247063, RSE L0001533, Trustee of Health Industry Plan (SPIN HIP0100AU, RSE R1056617), and is general information only. It does not take into account your objectives, financial situation or specific needs so you should look at your own financial position and requirements before making a decision. Please note that investments can go up and down. Past performance is not a reliable indicator of future performance. You should assess your own financial situation and needs, read the relevant Product Disclosure Statement and consult an adviser if required before making a decision about products on this website.