What is the Age Pension?
- The Age Pension is considered the ‘safety net’ and is designed to support the basic living standards of older Australians.
- Payments are targeted through means testing to those in need.
- Rates are indexed to keep pace with Australian price and wage increases.
- Most payments are made by Centrelink.
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Can you claim the Age Pension?
To be eligible, you must be all of the following:
- Age Pension age
- Be an Australian resident with at least 10 years of residency
- Under the income and asset limits
- There are also other rules you need to meet
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How much is the Age Pension?
- Payment rates depend on income and assets
- Different rates apply to singles and couples
- Rates are reviewed regularly to reflect the changes in the Consumer Price Index (CPI)
- You may also receive additional supplements
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How do I apply for the Age Pension?
- Prepare the necessary documentation
- Set up your online accounts – you will need a Centrelink account linked to myGov
- Apply online within or use paper forms
- Track your claim's progress online or through the app
- Receive results electronically or by mail
- Request a review if needed
How to apply
What is the Assets Test for the Age Pension?
- The Assets Test determines Age Pension eligibility
- It assesses what you and your partner own, including superannuation
- It includes assets and income in and outside of Australia
- You may miss out on the pension if your assets are within limits
- Centrelink uses both income and assets tests to determine eligibility
What's included in the Assets Test:
- Super account balance
- Money in a bank account
- Financial investments (e.g., shares)
- Cars and other vehicles
- Home contents or household items
- Real estate/property (not your primary residence)
- Annuity or pension from superannuation
- Gifts given or sold for less than market value
- Businesses or partnerships/trusts
- Inheritance from a deceased estate
Source: Centrelink (Services Australia), 2023.
Need more help? Contact our Client Services team
As a member, you can get personalised support from our Client Services team at no cost or obligation to assist with your retirement goals.
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