I am 64, retired, and funding my retirement from an Account Based Pension.  Next year I will be eligible for a part age pension.  My understanding is that the balance of my pension at the beginning of each financial year will be deemed and included in the income test for the age pension.

Does this mean that other than drawing at least the minimum amount from my pension, the actual amount I draw from my pension is irrelevant?

ANSWER:

If you are subject to the deeming rates, your supposition is correct - the amount you draw is irrelevant.  It may be worthwhile taking advice because if you are receiving some support from Centrelink before January 1, you may be able to get yourself grandfathered under the existing rules.  Just keep in mind that the new rules only affect income tested pensioners.