What is the Age Pension assets test?
Centrelink is one of the ways the government works out if you can get the Age Pension. It tests what you own (assets) against the limits, including super.
If you’re over the limits, you might miss out on the Age Pension. You’ll need to meet the other eligibility requirements for Age Pension too.
What's included in the assets test?
Super account balance
Money in a bank account
Financial investments (e.g. shares)
Cars and other vehicles
Home contents or household items
Real estate/property (not including your home)
Annuity or pension from superannuation
Gifts you give or sell for less than market value
Businesses or partnerships/trusts
Inheritance from a deceased estate
Age Pension asset limits
Check the cut-off points for the assets test. If the total of what you own is within these limits, you might be able to get the full or part Age Pension.
Centrelink uses 2 tests – the income test and assets test. They base their decision on whichever test gives you a lower Age Pension payment.
Homeowner
| Full pension | Part pension | No pension | |
|---|---|---|---|
| Single | $0– $314,000 | $314,000–$695,500 | >$695,500 |
| Couple living together | $0– $470,000 | $470,000–$1,045,500 | >$1,045,500 |
| Couple living apart because of illness | $0– $470,000 | $470,000–$1,233,000 | >$1,233,000 |
| Couple where only one person is eligible | $0– $470,000 | $470,000–$1,045,500 | >$1,045,500 |
Non-homeowner
| Full pension | Part pension | No pension | |
|---|---|---|---|
| Single | $0– $566,000 | $566,000–$947,500 | >$947,500 |
| Couple living together | $0– $722,000 | $722,000–$1,297,500 | >$1,297,500 |
| Couple living apart because of illness | $0– $722,000 | $722,000–$1,485,000 | >$1,485,000 |
| Couple where only one person is eligible | $0– $722,000 | $722,000–$1,297,500 | >$1,297,500 |
If you get rent assistance with your Age Pension, your cut-off amount for the pension is higher. You can find out the rate using Payment Finder.
Source: Services Australia, 2024.These are the limits at 20 September 2024. Centrelink updates assets limits several times a year in line with inflation (CPI). The figures for couples are a combined total (not per person).
Keep checking your eligibility
The assets test is only one part of the Centrelink eligibility test to see if you can get the Age Pension. Make sure you check the other factors as well.
Starting age
You can get the Age Pension in Australia from age 67 if you meet the assets and income tests and residence rules.
If you're not yet old enough, you may be able to start using your super for your retirement.
Income test
Find out how your super and other income count towards the Centrelink income test.
FAQs about the pension asset test
Ready to make a plan?
If you’re confident you understand your eligibility, here’s what you can do next.
Choose when to retire
If you already know what age you can get the Age Pension, check the age you can access your super. It’s time to think about when you can start enjoying life after work.
Get advice
Need help planning your retirement? You can get financial advice about your account as part of your membership.
Also check the average super balance for your age, how much you'll need to retire, and how to grow your super.
Apply for other government benefits for seniors
Some other benefits (apart from the Age Pension) to help retirees include:
- Seniors Card, which gives access to a wide range of both government and non-government products and services. For example, discounted public transport (if eligible).
- Commonwealth Seniors Health Card, which could get you cheaper prescriptions and other government-funded medical services. You need to meet the health card's income test, which lets you earn more income than the Age Pension. The health card doesn't have an assets test.
- Other types of pensions such as the Pensioner Concession Card, Disability Support Pension, Carer Payments/Allowances, and the Pension Loans Scheme.
Get your super assets working for you
When you retire with our award-winning products, you can mix and match to create the best combination with your super. And the Age Pension, too, if you can get it.
Transition to Retirement Income account
You are: Aged 60 to 64, but not yet retired.
You get: Regular payments from your super while still working.
Retirement Income account
You are: Aged 65 or over, or between 60 and 64 and permanently retired or have left your current employer.
You get: Tax-free payments from your super as long as you have a balance.
Lifetime Pension
You are: From 60 up to your 80th birthday and permanently retired.
You get: Tax-free fortnightly payments for the rest of your life.