My wife and I have separate finances. Can I get a higher pension?

I have $250,000 in super and want to apply for an age pension if eligible. My partner of 20 years has ample savings and super, but we are totally separate with our monies, both being on second marriages. We share our equally owned home for expenses. Upon death, her kids get all her money and my kids mine. Yes, we live and sleep together but financially, we are separate. I’m concerned that I don’t have a lot of money left. I am 71 and she is 66.

You are far from alone in facing this challenge. Outdated though it unquestionably is, Centrelink does not recognise couples operating financially independently. You will be assessed as a couple, and so your pension entitlement will be affected by the assets and income of your partner.

Even if your finances are separated, you will still be treated as a couple for Centrelink purposes.Credit: Simon Letch

As your partner is under 67 years of age, at present her superannuation savings would not be counted, assuming they are still in the accumulation phase. Perhaps this might help, though it is only a brief reprieve.

I understand Centrelink does have the discretion to treat members of a couple as single where assessment as a couple would cause hardship, so that might be worth exploring. Though I suspect while you have money in super, that will be a tough sell.

Another idea that perhaps you could explore is your partner buying you out of some or all of the home. If she has ample savings, yet the bulk of your wealth is tied up in your home, perhaps there’s a way to re-engineer your finances so that each of your total wealth is the same, but you gain some liquidity.

I intend to retire in December and want to do something to keep me occupied. Work in a cafe, Bunnings, driving Uber – something like that for about 20 hours a week. I was under the impression I could draw a pension from my superannuation, and still do some casual/part-time work, but wanted to check that was okay. I will be 62 at retirement.

A great idea. It’s important to retain a reason to get out of bed in the morning. You will be fine here. To be able to access your superannuation savings and convert them into a pension, you need to be over 60 years of age and have ceased employment.

Once your super is converted into a pension, there is nothing stopping you returning to paid employment, and you can continue to draw your super pension.

My husband and I each have private pension accounts in the UK, in addition to our Australian superannuation savings. Long term, our home is in Australia. We intend to retire soon and wonder whether we should be bringing those UK pension assets across to Australia?

I’m not familiar with the rules around accessibility of UK pension accounts and their ability to be transferred. If you plan on visiting the UK regularly, perhaps to see family, there may be some benefit to holding a portion of your retirement savings in the UK and using that money to live off while visiting. It could provide a nice bit of diversification and exchange rate protection.

It would also be worth gaining clarification on what happens to these pensions when you and your husband pass away. Will these assets make the administration of your estate particularly complex and costly? There are firms that specialise in UK pension advice, so I encourage you to seek out their assistance.

Paul Benson is a certified financial planner at Guidance Financial Services. He hosts the Financial Autonomy podcast. Questions to: [e-mail]

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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