Want to know more about age pension and entitlements? Visit Mercer Super Australia website.

Super and the Government Age Pension 

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:

  1. Be 66 years old or older. This age increases by 6 months every 2 years until it reaches 67 years old on 1 July 2023.
  2. Be an Australian resident and live in Australia on the day you apply for an Age Pension. You also need to have lived in Australia for a total of 10 years.
  3. Meet both the income and assets tests.

What are the income and assets tests?

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.

How does the Age Pension work with your super?

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:

  1. The balance of your TTR or Allocated Pension counts toward the Age Pension asset test and;
  2. The deeming^ income (estimated income regardless of what you do earn) from your pension balance counts toward the income test.

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.

How much will you receive?

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:

Single person:
$944.30 per fortnight or $24,552 per year.


$1,423.60 per fortnight or $37,014 per year.

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.

Concession and healthcare cards

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.

  • Commonwealth Seniors Health Card - helps with the cost of prescription medicines and other health services, if you are of pension age but do not qualify for the Age Pension.
  • Pensioner Concession Card - entitles pensioners to reduced cost prescription medicines, healthcare concessions and other concessions offered by state and territory governments and local councils.

To check if you’re eligible for a concession card and how to claim it, please visit the Services Australia website.

Turn Your Super Into An Income

Access your super as an income, paid straight into your nominated bank account.

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How Much Super Will You Need To Retire?

Work out how much income you might receive in retirement and estimate of how long your super will last.

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Access Your Super

Find out how and when you can access your super in retirement.

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*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