The rate at which your fortnightly Age Pension is paid depends on a number of factors: whether you qualify for a full or part Age Pension, your level of income and assets and whether you earn money that can be considered exempt under the Work Bonus Scheme.
Your Age Pension payment is calculated against both the asset and income tests and you are paid the lower rate of the two.
The current rate of a full Age Pension, including Pension Supplement and the Energy Supplement (formerly known as the Clean Energy Supplement), is $944.30 per fortnight for singles and $711.80 per fortnight for each eligible member of a couple.
Under the income test, your pension payment is reduced by 50 cents for every $1 of assessable income over the current limit to qualify for a full Age Pension, which for singles is $172 per fortnight. Once your assessable income is more than $2062.60 per fortnight, you will lose your Age Pension. Under the asset test, your Age Pension is reduced by $3 per fortnight for every $1000 you exceed the asset limit for a full Age Pension.
The Work Bonus, which was introduced in 2009, is designed to encourage people to work past the qualifying age for the Age Pension. Under the Work Bonus, the first $300 of income per fortnight derived from employment is exempt from the income test.
Should you choose to leave Australia to live overseas, your Age Pension payment may still be paid, but your rate may change.
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