Media Release
(26k)9 October 2008
Centrelink help available for self-funded retirees
Minister for Human Services, Senator Joe Ludwig, said self-funded retirees, whose investments have been affected by the global stock market crisis, should talk to Centrelink about their options.
Senator Ludwig said Centrelink has a number of free services available to both customers and the general community to help those affected make informed decisions about their finances.
“The Australian Government appreciates the current stock market volatility is putting a great deal of stress on many self-funded retirees who were relying on share dividends and other investments to fund their retirement,” Senator Ludwig said.
“In addition, those planning to retire in the coming months may also be very concerned about the impact of falling share prices on their superannuation.”
“Centrelink has a free Financial Information Service, which provides financial information and options. You don't have to be a Centrelink customer to access this service.”
“The Financial Information Service doesn’t sell advice or investment products – it’s a Government service that simply offers unbiased financial information.”
“Centrelink also has a network of free social workers available who can provide additional assistance and referrals to other support services. This service is available face-to-face or over the phone.”
Senator Ludwig said talking to Centrelink is the first step.
“If people’s circumstances have changed recently, I would strongly encourage them to contact Centrelink to discuss their individual situation,” he said.
“Self-funded retirees affected by the stock market should also consider testing their eligibility for income support payments, as a part-pension may assist some retirees in the short-term.”
“Even if people have not qualified for assistance in the past, I’d encourage them to discuss their options with Centrelink.”
The Minister said existing Centrelink customers may also be affected.
“Existing Centrelink customers can contact Centrelink and update the value of their shares, as changes in asset values may result in higher pension payment rates,” Senator Ludwig said.
“People should talk to Centrelink on 13 2300 and see what options are available.”
More information about the Financial Information Service seminars is available on the Centrelink website www.centrelink.gov.au.
People can also have an initial discussion with a Financial Information Service Officer by calling 13 2300. This discussion will help determine what follow-up steps may be required, such as attending an information seminar or a personal appointment.
To speak to a social worker over the phone, or to make a face-to-face appointment, call 13 1794.
Media Contact
Minister Ludwig’s Media Contact: Sarah Cosson — 0423 823 843.
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