Assistance for Age Pensioners Who Invested in Fincorp

The Howard Government will provide assistance for Age Pensioners who had investments with the Fincorp Group of Companies.

Minister for Families, Community Services and Indigenous Affairs, Mal Brough, today approved the measure to assist those age pensioners affected by the company’s collapse.

“As a result of the appointment of Administrators and the freezing of investments on 23rd March 2007, Fincorp investors on the Age Pension will be exempt from the deeming provisions of the income test for age pension,” Minister Brough said.

“The effect of this decision is that no income from the Fincorp group of companies will be assessed for determining eligibility for, or the rate of age pension.

“The deeming exemption means that any financial investment an Age Pensioner has in any of the Fincorp Group of Companies will be exempt from the deeming rules and only the actual income, if any, earned by the investment will be assessed.”

Minister for Human Services, Chris Ellison, said in addition to the deeming provision, there were also hardship provisions for people in severe financial hardship which may apply to those affected by the Fincorp collapse.

“The special hardship provisions assist pensioners who are assessed under the assets test and who hold an asset that cannot be realised,” Senator Ellison said.

“Providing the applicant has all the relevant information available, Centrelink can conduct an Assets Hardship application on the same day.

“I would urge anyone affected by the Fincorp collapse to contact Centrelink to ensure they test their eligibility on 13 2300.

“Centrelink also has a network of social workers available who can provide additional assistance and referrals to other support services.”