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Lump sum payment from PLS could assist more retirees to live at home

6th May, 2021

A simple change to the Pension Loans Scheme (PLS) would allow more retirees to adjust their homes better enabling them to live in their homes for longer.

Pension Boost assists retirees to access the government’s Pension Loans Scheme which currently only provides a regular fortnightly top up to pensions via a form of reverse mortgage solution administered via Centrelink or DVA.

Paul Rogan, Pension Boost Founder and CEO stated “The benefit to seniors could be significant if the PLS included a one-off payment to assist with costs in modifying the family home to allow for aged care functionality.”

Paul went on to say that “Many home-owning retirees are cash strapped as they do not have the full benefit of superannuation when working, and a lump sum could be used to modify their houses to prepare for living there when they’re less mobile.”

“Having cash available for lumpy expenses experienced by seniors, for example, car repairs or modifications to enable living in their homes would overcome one of the major barriers to the uptake of the Pension Loans Scheme”.

To learn more about the PLS visit our Frequently Asked Questions (FAQs) page.

To find out if you’re eligible for the PLS, as well as understand what you could get out of the scheme, try our PLS calculator by clicking on the button below.

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