Retirement income

Age Pension

If you have reached Age Pension age, you might be entitled to receive the Age Pension, an income support payment from the Government. You could also be entitled to other payments and benefits, including the Pensioner Concession CardPension Supplement and Rent Assistance.

Maximum pension rates as at 1 July 2017 are as follows: 

Fortnightly Annual

Single

$888.30

$23,095.80

Couple combined

$1,339.20

$34,819.20

Includes Pension Supplement and Energy Supplement. These supplements help you to meet the costs of your daily household and living expenses including energy costs.

To qualify for the Age Pension, you must first satisfy the age and residency requirements. Visit the Department of Human Services website for full details.

Means testing

Your Age Pension entitlement is calculated under both an Assets Test and an Income Test. The test that results in the lower rate will apply.

Assets Test

The value of various assets you own can impact your eligibility for the Age Pension. The asset limits for the Age Pension Assets Test, effective 1 July 2017, are as follows: 

For full pension Disqualifying asset limits

Homeowners

Single

Couple combined

 

$253,750

$380,500

 

$550,000

$827,000

Non-homeowners

Single

Couple combined

 

$456,750

$583,500

 

$753,000

$1,030,000

Assets above the lower threshold reduces your rate of pension by $3 per fortnight for every $1,000.

Income Test

Centrelink assesses the income from your financial investments, including term deposits, shares and managed funds, under one set of rules known as 'deeming'. The Age Pension Income Test 'deems' your financial investments to be earning a certain rate of income, no matter what they are actually earning.

The current deeming thresholds and rates, effective 1 July 2017, are as follows:

Single Rate Couple
First $50,200

 

1.75%

First $83,400

Over $50,200

3.25%

Over $83,400

The income limits for the Age Pension Income Test, effective 1 July 2017, are as follows:

For full pension Disqualifying income limits

 

Single

Couple combined

Fortnightly                       Annual

$168                                 $4,368

$300                                 $7,800

Fortnightly                       Annual

$1,944.60                       $50,559.60

$2,978.40                       $77,438.40

Determining whether and how much you are entitled to can be complicated. Your financial adviser can help you determine your Centrelink entitlements.