Government Assists Pensioners Who Invested in Australian Capital Reserve Limited
The Howard Government will provide practical help to Age Pensioners who had investments with the collapsed Australian Capital Reserve Limited.
The Government will exempt investments in Australian capital reserve (ACR) from the deeming provisions of the Social Security income test.
Minister for Families, Community Services and Indigenous Affairs, Mal Brough and Minister for Human Services, Chris Ellison, announced the move today.
"As a result of the appointment of Administrators and the freezing of investments in ACR late last month, it is appropriate to make this exemption available to help age pensioners who may now qualify for some or higher pensions," Mr Brough said.
"The deeming exemption means that any financial investment an age pensioner has in ACR will be exempt from the deeming rules and only the actual income, if any, earned from the investment will be assessed," Mr Brough said.
"This move will provide some relief for age pensioners, who would have been unfairly disadvantaged without this exemption."
Minister for Human Services, Senator Chris Ellison, said that there were also special rules which allow investors in severe financial hardship and whose payment is affected by the assets test to have the money invested disregarded.
"I would urge anyone adversely affected by the collapse of ACR to contact Centrelink on 13 2300.
"Centrelink also has a network of social workers available who can provide additional assistance and referrals to other support services," Senator Ellison said.