What is the Age Pension?
The Government Age Pension is a regular fortnightly income from the Australian Government that helps eligible older Australians pay for basic living expenses.
It’s called the “retirement safety net” for a reason. Around 70% of older Australians rely on a government pension as their main source of income.
Am I eligible to receive it?
Reaching preservation age and finishing up at work don’t mean you automatically get the Age Pension.
You’ll need to meet eligibility requirements set out by the Australian Government before you can receive your first pension payment. These include:
- your qualifying or eligibility age for the Age Pension (also known as the ‘pension age’)
- your residential status
- your assets and/or income.
For eligibility details download the fact sheet ‘Are you eligible for the Government Age Pension?'
Eligible to get the Age Pension?
Try our online guide to find out
COVID-19 Deeming rate changes
As of 1 May 2020, the Government has reduced the upper social security deeming rate to 2.25 per cent and the lower deeming rate to 0.25 per cent.
The reductions are part of the Government response to COVID-19, and reflect the low interest rate environment and its impact on the income from savings. This may benefit members who receive the Government Age Pension.
For details visit the Treasury website.