The normal deeming rules will be extended to super account based income streams for new account based income streams assessed under the pension income test rules after 1 January 2015. All superannuation pensions held before 1 January 2012 will be grandfathered indefinitely and will continue to be assessed under the existing rules for the life of the product – no current pensioner will be affected unless they choose to change products or otherwise become ineligible for the pension – even for just one fortnight.
Pensioners who have account based pensions that are “grandfathered” under the income test should be careful if reorganising their investments or taking on casual work. If a no DHS payment is made for a whole pay period, the person loses their “grandfathered” income test on their account based income stream. Some people seem to be under the misconception they lose grandfathered status only if no payment has been made for 6 consecutive fortnights.
Refer to the links below for a detailed discussion.