The Age Pension is income support from the government. It's meant to be a safety net to help older Australians who need it most.
Centrelink (Services Australia) pays the Age Pension every 2 weeks.
Absolutely! There are plenty of ways to combine our retirement products with the Age Pension.
Check how your super balance is counted when you apply for the Age Pension.
It depends on your relationship status (single or couple), whether you own your home, and Centrelink's assets test and income test.
| Relationship status | Max basic rate/fortnight |
|---|---|
| Single | $1,047.10 |
| Couple (each) | $789.30 each |
| Couple (combined total) | $1,578.60 |
| Couple (each) living apart because of ill health | $1,047.10 |
You could also get Pension Supplement or Energy Supplement payments. Learn more and check the current rates on the Services Australia website.
Before you apply, make sure you meet the rules. Use our guide as a starting point.
Starting age
You need to be at least 67 years old.
Assets test
What you own (assets) affects how much Age Pension you get, including money, super, cars, property, etc. Check assets test limits.
Income test
Your income also affects how much you get, including jobs, super income streams, etc. How the income test works.
Residence rules
You need to be an Australian resident and living in Australia for 10 years, with no break in at least 5 of those years. What if I've lived outside Australia?
You can apply for the Age Pension in the 13 weeks before you reach the starting age. Make sure you allow time to prepare your documents.
You can apply online, using a paper form, or with help from a Services Australia team member. Decide how you want to claim before starting the process.
How to claim
We've partnered with financial technology service Retirement Essentials1 to help you work out if you can get the Age Pension. Go to their website to get a free personalised report.
Your superannuation in the retirement phase affects your Age Pension payment rates. And whether you even get the Age Pension.
It’s counted in Centrelink's assets and income tests, just like your personal savings and investments.
It's not assessed until you reach the age you and your partner qualify for the Age Pension.
Let's have a look at your options when you retire and how they work with the Age Pension.
With an account-based pension like our Retirement Income account, you can get regular income payments as long as you have a balance. And you can withdraw extra money when you need to.
You generally need to be age 60 and retired or have left your employer, or at least 65, to open our Income account.
| Assets test | Your super balance counts as an asset. |
| Income test | Deemed income based on balance. |
| Tax | Tax-free income payments from age 60. |
You can get income payments for life, with money-back protection, with our Lifetime Pension. If you choose the spouse protection option, your spouse can continue to get these payments after you pass away.
Using this product may get you more in Age Pension payments. That’s because Centrelink only counts 60% of both the purchase price and your Lifetime Pension payments.
| Assets test | 60% of your Lifetime Pension purchase price counts as an asset untiil age 84. After this it's 30%. |
| Income test | 60% of your payments are counted as income. |
| Tax | Tax-free income payments. |
By taking out some or all of your super when you retire, you'll have savings in the bank that you can get when you need it.
You can make a withdrawal in Member Online when you reach 60 and retire or leave your employer. But it's a good idea to make sure you understand all your options.
You might be better off keeping your money in super instead and opening an Income account and/or Lifetime Pension with us.
Learn more about your options when preparing for retirement.
| Assets test | Money in the bank counts as an asset. |
| Income test | Withdrawing your super doesn't count as income but money in the bank is deemed for the income test. |
| Tax | Most people can withdraw their super without paying tax. |
If you leave your super in your Super Savings Accumulation account once you reach the Age Pension age, your super stays invested. You can take some money out if you need to, once you're eligible.
But Services Australia might assume you're earning more income from it than you really are. Learn more about deemed income.
| Assets test | Your super balance counts as an asset. |
| Income test | Deemed income based on balance. |
| Tax | Investment earnings aren't tax-free in an accumulation account. |
Listen in as Super Insider host Anne Fuchs chats with Justin Bott from Services Australia about the Age Pension and how it works with super.
If you retire at 65, your money may need to last for 20+ years. That's if you live to the average life expectancy of 85 (Australian Bureau of Statistics).
We can help you plan for retirement. Can't find an answer? Contact us.
The Age Pension rates change twice a year, on 20 March and 20 September. This reflects changes in costs of living and wage increases.
If you get a pension increase, it happens automatically. So, you don't need to do anything.
If you can't get these government benefits now, you might become eligible for the Age Pension over time as your finances change.
So, it's worth checking in with Services Australia regularly.
Check your finances against the current cut-off points for the income test and assets test.
That way, you'll know how much you can earn and own before any Age Pension payments would stop.
The right mix of super and the Age Pension can make a big difference. Join 2.4 million members who trust us to help them with their retirement plans.
1. Australian Retirement Trust Pty Ltd (ABN 88 010 720 840, AFSL No. 228975), the trustee of Australian Retirement Trust (ABN 60 905 115 063): (i) does not issue, sell, guarantee, or underwrite the product and/or services provided by Retirement Essentials Pty Ltd (ABN 35 615 383 232); (ii) is not liable or responsible for products and/or services provided, and does not receive or pay referral fees; (iii) does not endorse these products and/or services; (iv) is providing this information to members without taking into consideration their personal financial situation and before acting on this information members should exercise their own judgement about the products and/or services offered; (v) is not an agent, dealer or promoter for the products and/or services.
We respect your privacy and do not supply your personal information to Retirement Essentials Pty Ltd or any other third-party supplier. For more information on how Retirement Essentials Pty Ltd collects, holds, uses, and discloses your personal information, refer to their Privacy Policy. Please contact Australian Retirement Trust on 13 11 84 or write to GPO Box 2924, Brisbane QLD 4001 if you have any questions, issue or concerns.
