The Age Pension is a Government benefit paid to eligible Australians to assist them in retirement.
To be eligible for the Age Pension, you must:
These are Government measures to find out if you’re eligible for the Age Pension and if so, how much you should receive. If the income you receive (income test) combined with the value of your assets including investment properties (assets test) are above certain limits*, your pension payment will be reduced or you may not be eligible for the Age Pension.
Once you’ve transferred some of your super into a Transition to Retirement (TTR) or Allocated Pension account, you can use it to top up any Government Age Pension payments you may be entitled to receive. It’s important to know that:
Your TTR or Allocated Pension account may help you reduce the amount of tax you pay on your overall income at retirement. Find out more about our Transition to Retirement and Allocated Pension accounts.
There are different rates of Age Pension payments depending on your income and assets tests, as well as and other circumstances such as your relationship status.
Current maximum basic rate> for Age Pension payments:
If you’re an eligible pensioner and you’re still working, the Government Work Bonus scheme# reduces the amount of your employment income (including self-employed income) when calculating the income test, so that it doesn’t reduce the rate of your pension. This is done automatically so you don’t need to apply for it.
If you don't qualify for the Age Pension, you may still be eligible for a concession card. For retirees, there are two types of concession cards that provide a range of benefits, including help with the cost of medicines.
To check if you’re eligible for a concession card and how to claim it, please visit the Services Australia website.
Access your super as an income, paid straight into your nominated bank account.Learn more
Work out how much income you might receive in retirement and estimate of how long your super will last.Calculate now
*For income and asset limits currently in place, please visit the Services Australia website.
^Deeming is the method used by Services Australia to calculate the income from your financial assets. To find out more, please visit their website
>For up to date information on rates used to calculate Age Pension payments, please visit Services Australia website.
# For more information on the Work Bonus, please visit Services Australia Work Bonus page.