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.     More ?