Media Release
17 July 2008
Help available for pensioners affected by failed investments
Minister for Human Services, Senator Joe Ludwig, said help is available for Age Pensioners whose investments may be affected by the collapse of financial investment companies.
He said Age Pensioners’ income and assets may be revalued following a collapse, in some cases resulting in higher payments.
“The demise of several high profile finance companies last year had a significant impact on some Centrelink customers,” Senator Ludwig said.
“For example, around 20 per cent of retail investors caught up in the collapse of Australian Capital Reserve (ACR), Bridgecorp and Fincorp were Centrelink customers.”
“These customers had investments with the companies worth $134 million, or an average of $35,000 per person.”
More recently, the collapse of the Donovan Oates Hannaford Mortgage Corporation and Elderslie finance has created a great deal of uncertainty among investors, with receivers still involved with the arrangements for both these companies.
Senator Ludwig said Centrelink offers a number of useful free services which may assist customers with failed financial investments.
“Customers affected by a collapse are always encouraged to contact Centrelink on 13 2300 to discuss possible changes to their entitlements,” Senator Ludwig said.
“Regardless of whether a person’s payments are affected, the Financial Information Service is available to both customers and other members of the public. It’s free, and the specialist staff can provide financial information options and strategies.”
“The agency also has a network of social workers available who can provide additional assistance and referrals to other support services.”
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