DB Income Plus an Account-Based Pension: Running Both at Once

Running a defined benefit pension AND an account-based pension at the same time? Centrelink assesses them under two completely different rulebooks - in the same means test. This is the video most of you asked for after the defined benefit episode - both assessment methods side by side, single AND couple thresholds, and the younger-spouse case. CHAPTERS 0:00 Two streams, two rulebooks: 90% vs 64% 1:15 Rulebook one - defined benefit 1:36 Rulebook two - account-based (deemed, and the balance is an asset) 2:08 The ratio: $30,000 vs $12,500, and what Centrelink counts 2:56 Are you running both? 3:13 Ken - single, both streams, $250,000 4:34 The flip - $600,000 and the assets test takes over 5:26 Ken's switch point (and why it's not a rule) 5:50 Non-homeowners 6:02 Couples - the combined thresholds (screenshot the couple card) 6:41 Jenny and Paul - one stream each 7:43 The younger spouse - the accumulation exemption 8:35 What converting to a pension does 9:03 The cost: $245.92 a fortnight 9:16 A mechanic, not a recommendation 9:40 The Work Bonus question 9:55 The three-question check 10:28 DSP, Carer Payment and JobSeeker 10:56 Three things to do this week 11:29 Recap WHAT'S IN THIS ONE - Rulebook one (defined benefit): gross pension minus the tax-free component, capped at 10% since 2016; not deemed, no asset value, Work Bonus can't reach it - Rulebook two (account-based): deemed at 1.75% / 3.75% on the balance, and the whole balance is an assessable asset - Non-homeowners: $600,000 single / $766,000 couple assets-free areas - Couples: $396 combined free area, 50c off the combined pension (25c each), $110,600 combined deeming threshold, $1,866 maximum combined - A mechanic, not a recommendation - and why the Work Bonus question needs a Centrelink answer - The three-question check, and where to look in myGov - DSP (21 and over) and Carer Payment use the same income test Every rule was checked against the Department of Social Services' Social Security Guide and the DSS 20 September 2026 rates list on 21 September 2026. Sources: DSS Social Security Guide 4.9.3.30 - Income and assets assessment of account-based income streams (deeming from 1 January 2015, account balance as the assessable asset, and the pre-2015 grandfathering conditions): https://guides.dss.gov.au/social-security-guide/4/9/3/30 DSS Social Security Guide 4.9.2.30 - Income test assessment of defined benefit income streams (the formula and the 10% cap): https://guides.dss.gov.au/social-security-guide/4/9/2/30 DSS Social Security Guide 4.8.2.40 - Superannuation of a partner under Age Pension age (the exemption, and when it ends): https://guides.dss.gov.au/social-security-guide/4/8/2/40 DSS Social Security Guide 4.8.2.10 - Superannuation in accumulation below Age Pension age (disregarded; assessed as an income stream once one is purchased): https://guides.dss.gov.au/social-security-guide/4/8/2/10 DSS Social Security Guide 3.1.15.10 - Work Bonus eligibility: https://guides.dss.gov.au/social-security-guide/3/1/15/10 DSS rates list, 20 September 2026 indexation: https://www.dss.gov.au/system/files/documents/2026-08/rates-list-20-september-2026.pdf Services Australia - Income test for pensions: https://www.servicesaustralia.gov.au/income-test-for-pensions Services Australia - Assets test for pensions: https://www.servicesaustralia.gov.au/assets-test-for-pensions GENERAL ADVICE DISCLAIMER This video is general information only. It does not take into account your objectives, financial situation or needs, and it is not personal financial advice. Rates and thresholds change - the figures quoted are those applying from 20 September 2026. Before acting on anything here, speak to Services Australia or a licensed financial adviser about your own circumstances. A note on how this is made: Every script starts with real research and is checked against current ATO and Services Australia figures - that part isn't automated. AI tools produce the narration and visuals. I write, verify, and stand behind every word. Thanks for being here. #AussieWealth #Superannuation #RetirementAustralia #AgePension #Centrelink #DefinedBenefit #AccountBasedPension #Deeming