Not only does the Department of Veterans Affairs make financial provisions for Veterans themselves, but they also offer a DVA Partner Pension.
In this brief guide, we will discuss what this pension is, who can get it and how to claim for it. We will also look at the financial implications and how you can best manage this payment for a secured financial future.
What Is The DVA Partner Pension?
The DVA Partner Pension is a taxable, periodic payment that provides a regular income to a Veteran’s partner. It falls under the category of a service pension and as such any assets or other income will influence how much you can receive.
If you are partnered, your combined income and assets as a couple will be used to determine how much you can receive.
Who Can Claim For This Pension?
Despite its name suggesting otherwise, this pension is not exclusively for partners of Veterans with qualifying service. It can also be given to former partners, widows and widowers of Veterans with qualifying service.
You can learn more about what constitutes as qualifying service here. You must also meet several criteria outlined for who counts as a partner. Should your relationship circumstances change, your eligibility may also change.
All this aside, one of the main factors for who can claim is down to age – claimants must be at least 60 years old to be eligible, or 50 years in some special circumstances.
Applying For The DVA Partner Pension
Applications for the DVA Partner Pension are done either via the DVA’s online portal or via submission of hard copy forms tothe DVA directly. Using the online portal is faster and will not require you to locate proof of identity documents.
What If Your Circumstances Change?
As with any , there are many financial considerations. At National Service Financial, we understand that receiving this pension can be both a blessing and a challenge. On the one hand, the additional income is helpful, but it can also be difficult to maintain your entitlements or understand how much you are entitled to.
Your payment can be heavily influenced by your income and assets, your relationship status and your living arrangements. Any significant changes must be reported to the DVA and your pension may be adjusted accordingly.
Should you have dependents and already be dealing with a significant shift in your finances due to your partner’s status as a Veteran, this can be seriously overwhelming.
“To avoid financial stress related to fluctuations in your payment, it is essential to review your finances and develop a sound financial plan that ensures you have optimal stability.”
Centrelink and DVA Partner Payments
Additionally, if you are already receiving a Centrelink from Services Australia, and are approved for a DVA Partner Pension, you must notify Centrelink immediately. You are not permitted to receive a DVA pension alongside some Centrelink payments.
Should you have recently partnered with a Veteran while receiving Centrelink benefits, your Veteran partner will also need to notify Centrelink. This is due to the requirement that all your combined assets and income must be assessed to determine your payments – whether from the DVA or Centrelink and regardless of whether you share your finances.
This is part of why the DVA strongly recommends seeking financial advice regarding your entitlements and existing pensions. This helps you make informed decisions regarding your finances and the best decisions regarding pension claims.
How To Make The Most Of Your DVA Partner Pension
At National Service Financial, we genuinely care about Veterans and their families. We specialise in supporting current and former ADF personnel, their partners and dependents to achieve and maintain financial security.
Owned and operated by a former ADF member, we share a unique understanding with our clients that is unmatched elsewhere. We combine this inside knowledge with our skills as FASEA-qualified financial advisors to craft winning financial plans and budgets that help you reach your goals.
During your financial discovery appointment with us we will review your finances in detail, discuss your entitlements and determine how to best utilise and structure your pensions. Should your partner be receiving other DVA payments or compensation, we can help you with managing these too.
No matter if you are new to receiving a DVA Partner Pension or have been a recipient for years, we can help you take charge of your finances.