So I guess it can happen in Australia. I'm guessing this is like their social security??
Pensioners get first reduced payments amid anger over politicians' entitlements
Excerpts
"The family home remains exempted from the assets test and the changes have been designed so that they only impact pensioners with significant assets outside the family home."
Single homeowners can have $250,000 in assets, not including their home, before their pension rate is reduced, while homeowner couples can own up to $375,000 in assets before their pension rate is cut.
After that threshold is reached, pensioners will lose $3 for every $1000 they own over the limit, up from $1.50.
... about 236,000 pensioners lose part of their payments, and another 91,000 lose their pension entirely.
Ran across this when I happened to read an entirely different article: Lest we forget Michael Chamberlain, a decent man cruelly wronged
and
Michael Chamberlain, pastor, academic and author who continually fought for justice
Pensioners get first reduced payments amid anger over politicians' entitlements
Excerpts
"The family home remains exempted from the assets test and the changes have been designed so that they only impact pensioners with significant assets outside the family home."
Single homeowners can have $250,000 in assets, not including their home, before their pension rate is reduced, while homeowner couples can own up to $375,000 in assets before their pension rate is cut.
After that threshold is reached, pensioners will lose $3 for every $1000 they own over the limit, up from $1.50.
... about 236,000 pensioners lose part of their payments, and another 91,000 lose their pension entirely.
Ran across this when I happened to read an entirely different article: Lest we forget Michael Chamberlain, a decent man cruelly wronged
and
Michael Chamberlain, pastor, academic and author who continually fought for justice