Money placed with this fund is granted full exemption from deeming by the Minister for Social Security, allowing you to quarantine the proceeds of the sale of your home or other assets to ensure full or near-full pension entitlements can be retained.
Contributions to the deeming fund are completely voluntary, are at your discretion and can be withdrawn at any time. These funds are seen as interest-free loans, as any interest paid to you would be assessed as income for inclusion in the pensioner’s income test.
The interest on fund money is used by MiCare to assist in capital works including upgrading homes and equipment, and the purchase of land and buildings for the benefit of the MiCare community. However, the money in the MiCare Ltd Deeming Exemption Fund is held in a separate bank account so your money is completely safe and available to you with 10 days’ notice.