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Assets Value of Bank, Building Society and Credit Union Accounts

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Bank, building society and credit union accounts

The credit balance held in any account with a bank, building society or credit union is an asset for pension purposes and is assessed at full face value.

For assessment purposes, a person's assertion as to the balance of an account is generally accepted. Account balances may also be verified by:

  • checking passbooks or account statements provided by the person, or
  • approaching the financial institution if:
  • it is difficult to obtain this information from the person, or
  • there is a reason to believe that the person is providing false or misleading information.    
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    Income assessment of bank, building society and credit union accounts

    Section 9.5.4

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