The Government's Age Pension

It's there for those who really need it - up to a maximum of around $12,700 pa for singles or $10,600 pa for each member of a couple. The Age Pension is means-tested, so the more assets you have, the less pension you are entitled to. Australians are now relying less on the government Age Pension, and more on their superannuation and investments.
Plan ahead - it could make all the difference
Question Qualifications Details

How much is it worth?

Single (full rate) (March 2007)

$525.10 a fortnight

Couple (full rate) (March 2007)

$438.50 a fortnight (each)

How do I qualify?

To qualify for the Age Pension, you need to:

  
  • meet certain residency requirements

You must be:

  • in Australia when you lodge your claim, and:
  • an Australian resident, or have lived in Australia long enough to satisfy qualifying resident periods
  • Some exemptions apply
  • have income and assets below a certain amount
  • You are tested on both your assets and income. The test that results in the lowest rate is the one that is applied
  • For example, if you are a homeowner, to receive the full pension you must own no more than $166, 750 in assets for singles, or $236, 500 for couples
  • For more details, refer to the Assets and Income Tables on the Centrelink website.
  • There are special laws called deeming laws that apply to prevent people from parking their money in a low-interest account in order to qualify for the pension. Deeming assumes you receive a given rate of return.
  • Be aged 65 years and over if you are a man
  • Meet qualification age if you are a woman
  • See Qualification Age tables below

Bridge
Plan ahead

If you are on the cusp of being eligible for the Age Pension, the decisions you make regarding your superannuation and the retirement income products you choose could mean the difference between receiving the pension or not. Even if you don't qualify for the full amount, you may be eligible for a part-pension. This is a crucial time to seek financial advice.
 
Overseas pensions

If you have lived or worked overseas and want to claim the Age Pension, you may need to apply for the pension from the country overseas. Check with Centrelink about your eligibility on the Centrelink website.
Qualification age
  Date of Birth Qualification Age
Men Any 65 or over
Women 1 July 1935 to 31 December 1936 60.5
  1 January 1937 to 30 June 1938 61
  1 July 1938 to 31 December 1939 61.5
  1 January 1940 to 30 June 1941 62
  1 July 1941 to 31 December 1942 62.5
  1 January 1943 to 30 June 1944 63
  1 July 1944 to 31 December 1945 63.5
  1 January 1946 to 30 June 1947 64
  1 July 1947 to 31 December 1948 64.5
  1 January 1949 and later 65
Source: 'How much Age Pension do I get?' on the Centrelink website.
Find out more about retirement
Find a financial adviser using BT's Adviser Referral Program.
Learn about BT's pension plans.