The Australian Government provides an Age Pension as a safety net for eligible citizens who cannot fully fund their own retirement through retirement savings. Managed by and paid for via Services Australia, or Centrelink as its more commonly known, there is strict eligibility criteria, which includes residency period, age qualification and an assessment of income and assets. Due to this criteria, not every Australian will be eligible for an Age Pension.
Australia's retirement system rises through global rankings, but flaws in the system have been
‘To cut people off completely just doesn't pass the pub test for fairness,' says advocate.
Review to assess how the retirement income system will perform as the population ages.
Over-65s are caught between a transition to a new retirement system, a changing labour market and
Housing expert Mark Skelsey explains the pitfalls of the Pension Loans Scheme.