Age Pension

The Australian Government provides an Age Pension as a safety net for eligible citizens who cannot fully fund their own retirement through retirement savings. Managed by and paid for via Services Australia, or Centrelink as its more commonly known, there is strict eligibility criteria, which includes residency period, age qualification and an assessment of income and assets. Due to this criteria, not every Australian will be eligible for an Age Pension.

The current qualification age for the Age Pension is 66 years.

The rate of a full single Age Pension, including the Pension Supplement and Clean Energy Supplement is $24,551.80 per annum (from 20 March 2020).

The amount of Age Pension paid is indexed twice a year, in March and September, in line with the rise in Consumer Price Index (CPI) or the Pensioner and Beneficiary Living Cost Index (PBLCI), whichever is greater. Pensions are then benchmarked against a percentage of the Male Total Average Weekly Earnings (MTAWE). Again, there are plans by the government to change the method of indexation to the CPI alone.

There are certain asset and income limits tests you need pass before you are granted a pension. If your assets or income exceeds those required for a full Age Pension, you may be eligible for a part Age Pension. And if you do not qualify for any Age Pension, you may, however, be eligible for a Commonwealth Seniors Health Card if your income is below a certain level.

TOP STORIES

1

How to sell excess land and keep the Age Pension

Kathy wants to know whether selling excess land can stop the pension.

2

Age Pension payments in 2021 - what you need to know

Smart retirees assess their financial position at least yearly, says Jeremy Cooper.

3

Pension rates, PBS entitlements, health fund changes

YourLifeChoices keeps you up to date with retirement income changes.

4

Retirement system 'uncertain for almost all retirees'

Dr David Knox tells why we slipped to fourth in the world and how to arrest the slide.

5

How you can claim your Age Pension from overseas

Jan has read that she can claim her pension while residing in Poland. Is this correct?

LATEST REPLIES

Justsane post a comment 4 days ago

Is a March increase in the Age Pension doomed?

donelle-feltham Where did you get the $3.10 from? I can't see anywhere about the increase

GrayComputing post a comment 1 week ago

Retirement system ‘uncertain for almost all retirees’

A pension is not welfare. NO ASSET TEST FOR A PENSION EVERV AGAIN! For your

maxchugg post a comment 1 week ago

Pension rates, PBS entitlements, health fund changes

I would like to see some figures. I would like to know how much the

Back to Top

Login to reply

Click to Hide Advanced Floating Content

New Report

Close