The Centrelink Age Pension provides income for eligible older Australians who meet the criteria.

What are the current pension rates?


Single person Couple living together  Couple separated due to ill health
Maximum basic rate  $850.40  $641.00 each  $850.40 each
Maximum pension supplement  $68.90  $51.90 each  $68.90 each
 Clean energy supplement  $14.10  $10.60 each  $14.10 each
 Total per fortnight  $933.40  $703.50 each  $933.40 each

PLEASE NOTE: For many people, the Age Pension is not enough to live on. Ensuring you have maximised your superannuation is critical.

Am I eligible for the Centrelink Age Pension?

There are four keys to determining if you are eligible for a full or partial payment from the Centrelink Age Pension:

1. Residency

Generally, to be eligible for the pension, you must be an Australian resident and physically present in Australia on the day you submit your claim.

You must also have lived in Australia for over 10 years.

PLEASE NOTE: There are some special exceptions for widows, refugees and former residents of some countries Australia has special social security arrangements with.

2. Age

The pension age for men and women born from 1 July 1952 will be gradually increased from 65 to 67 years as set out in the table below.

If your date of birth is..... Your qualifying age is......
 Before 1 July 1952  65 years
 1 July 1952 to 31 December 1953  65 years and 6 months
 1 January 1954 to 30 June 1955  66 years
 1 July 1955 to 31 December 1956  66 years and 6 months
 From 1 January 1957  67 years

3. Income test

The income test is one test used by Centrelink to assess your means. The income test reduces your Age Pension payments for every dollar of income received, or have deemed to have received, over a certain amount.

 
SINGLE
 Fortnightly income up to $174 over $174
 Reduction in payment none - full payment 50 cents for each dollar over $174
COUPLE COMBINED,COUPLE SEPERATED DUE TO ILL HEALTH
   
 Fortnightly income up to $308 over $308
 Reduction in payment none - full payment 50 cents for each dollar over $308 (combined)
TRANSITIONAL RATE PENSIONERS - SINGLE    
 Fortnightly income up to $174 over $174  
 Reduction in payment none - full payment 40 cents for each dollar over $174
TRANSITIONAL RATE PENSIONERS - COUPLE COMBINED,COUPLE SEPARATED DIE TO ILL HEALTH
 Fortnightly income up to $308 over $308
 Reduction in payment none - full payment 40 cents for each dollar over $308

For Centrelink, your income includes both actual payments received and any deemed income. Your deemed income is determined by reviewing existing investments and applying deeming rules, which assumes that certain financial assets provide a fixed rate of return. 

The income test thresholds also differ depending on your circumstances.

For more information about the income test for pensions, click here.

4. Assets test

Like the income test, the Assets test can mean a reduction of your eligible Centrelink benefits due to the value of assets. 

Some common assets that Centrelink take into consideration when assessing your assets includes:

  • investment properties
  • financial investments such as shares
  • superannuation and income stream investments, including account based pensions
  • business assets held as a partner or sole trader
  • motor vehicles, boats and caravans
  • household items, hobby or investment collections.

For each $1,000 in assets valued over the threshold, a couple's pension payments will be reduced by $3, or $1.50 per $1,000 each. 

The below table outlines the assets test thresholds, or disqualifying limits, for the full Age Pension payment:



 Single homeowners full pension assets must be less than $263,250
Single non-homeowners full pension assets must be less than $473,750
Couple homeowners full pension assets must be less than $394,500
Couple non-homeowners full pension assets must be less than $605,000

The table below outlines the assets test thresholds, or disqualifying limits, for the part Age Pension payment:



Single homeowners part pension assets must be less than $572,000  
Single non-homeowners part pension assets must be less than $782,500  
Couple homeowners part pension assets must be less than $860,000  
Couple non-homeowners part pension assets must be less than $1,070,500  

You can find more information on the asset test here.