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 20 September 2017 are as follows: 

Fortnightly Annual




Couple combined



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 20 September 2017, are as follows: 

For full pension Disqualifying asset limits



Couple combined









Couple combined







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 20 September 2017, are as follows:

Single Rate Couple
First $50,200



First $83,400

Over $50,200


Over $83,400

The income limits for the Age Pension Income Test, effective 20 September 2017, are as follows:

For full pension Disqualifying income limits



Couple combined

Fortnightly                       Annual

$168                                 $4,368

$300                                 $7,800

Fortnightly                       Annual

$1,956.80                       $50,876.80

$2,996.80                       $77,916.80

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