I’m 62 and retired from full-time work at age 60. Last year, I did a four-week temporary role at another company. To convert my super to an account-based pension, I must declare that I’ve retired. Does this mean I can never work again – even in a short-term role – or does retirement only refer to full-time work?

Because you ceased employment after turning 60, you met a condition of release at that point – regardless of any short-term work since. If you haven’t worked again since that temporary role, you can access your super and start an account-based pension.

Once you stop working, you can crack into your super.Credit: Simon Letch

I’m perplexed about the deeming rates that Centrelink uses when assessing the pension. I don’t understand the difference between deemed income and taxable income. Could you please elaborate?

When you apply for the age pension, Centrelink doesn’t look at the actual income you earn from things like bank accounts, shares, or managed funds. Instead, they apply what’s called a deeming rate to estimate what your assets should be earning. This estimate is known as deemed income.

It’s important to understand that deemed income is........

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