The Government Age Pension is a social security benefit paid by the Government.
Many people combine their super pension with the Age Pension to provide their income in retirement.
Only some people use the super pension as their main source of income in retirement.
As at March 2012, the maximum fortnightly Age Pension payment is:
| Single |
$755.50* |
| Couple |
$569.50* (each) |
* This payment includes a fortnightly pension supplement that is currently: single $60.20, couples $90.80 (combined). Source: as at 20 March 2012 www.centrelink.gov.au
Government Age Pension income and assets test
In order to qualify for the maximum pension amount you need to pass both the asset and income tests. The test which gives you the lowest entitlement will be used to determine the amount of Government Age Pension received.
Asset test
The table below shows the maximum assets you can hold before your pension payment is reduced.
Some assets are deemed to earn income, while some assets are not included in the assets test. Visit the Centrelink website at www.centrelink.gov.au for more information.
|
Maximum pension if your assets are equal to or less than |
No pension if your assets are equal to or greater than |
| Single, homeowner |
$186,750 |
$690,500 |
| Single, non-homeowner |
$321,750 |
$825,000 |
| Couple, homeowners |
$265,000 per couple |
$1,024,500 per couple |
| Couple, non-homeowners |
$400,000 per couple |
$1,159,500 per couple |
Source: Centrelink, March 2012
Income test
The table below shows the maximum income you can earn before your pension is reduced.
|
Maximum pension if your income is equal to or less than |
No pension if your income is equal to or greater than |
| Single |
$150 per fortnight |
$1,661 per fortnight |
| Couple (combined) |
$264 per fortnight |
$2,542 per fortnight |
Source: Centrelink, March 2012