The Centrelink Age Pension is often referred to as the ‘Old Age Pension’.
What is the Old Age Pension?
The Old Age Pension in Australia is a social security benefit payable to people who satisfy certain age and residency requirements.
This may be the sole income of an individual, or it may be used in conjunction with other forms of pension or investment income. You may also be eligible for the Old Age Pension if you are still working.
Old Age Pension Rates (Australia)
The level of Age Pension income that you are eligible to receive (if any) is based on your income and assets.
The higher your income and/or assets, the lower level of Age Pension you are entitled to.
Boost your superannuation balance. 3 super strategies for a comfortable retirement.
There are two tests to determine your level of entitlements:
- Income Test
- Assets Test
Whichever test ‘pays’ you the lowest level of Old Age Pension income is the test that will be applied.
The Old Age Pension Rates as at 1 December 2013 are as follows:
|Pension Rates (fortnight)||Single or Couple Separated by Illness||Couple (each)|
|Maximum Basic Rate||$751.70||$566.60|
|Maximum Pension Supplement||$61.70||$46.50|
|Clean Energy Supplement||$13.70||$10.30|
More up to date payment rates may be found here at the Human Services website.
Have You Read My Other Posts?
Income Test – as at 1 Dec 2013
Single (or Couple separated by illness) – You should receive the full Age Pension (above) if your fortnightly income is below $156/fortnight. The maximum basic rate will reduce by 50 cents for every dollar over $156/fortnight.
Couple – You should receive the full Age Pension (above) if your fortnightly income (combined) is below $276/fortnight. The maximum basic rate will reduce by 50 cents for every dollar over $156/fortnight.
Click here for Centrelink assessment of defined benefit pensions post 1 January 2016.
Click here for Centrelink assessment of account based pensions post 1 January 2015.
Assets Test – as at 1 Dec 2013
You should receive the full Age Pension (above) if your assets are below the thresholds noted below:
|Family Situation||For Home-Owners||For Non Home-Owners|
|Single (or Couple Separated by Illness)||$196 750||$339 250|
|Couple (combined)||$279 000||$421 500|
The maximum basic rate will reduce by $1.50/fortnight for every $1,000 above the asset values in the table above.
The figures noted above for the Old Age Pension Rates and assessments should be used as a guide only. The figures generally change every quarter. You should speak to a Centrelink Officer to determine your eligibility and amount of Old Age Pension rate that you are entitled to. They tend to very helpful and can often provide you with a guide to your entitlements over the phone.
The best number for further information regarding the Age Pension is 13 23 00.
If you would like anything clarified or have any further questions, please do not hesitate to leave a comment in the section below.