Pension payment rates
The rate at which your Age Pension is paid depends upon a number of factors: whether you qualify for a full or part Age Pension, your level of income and assets and whether you earn money which can be considered exempt under the Work Bonus Scheme.
Your Age Pension payment is calculated against both the asset and income tests and you are paid the lower rate of the two.
The current rate of a full Age Pension, including Pension Supplement and the Energy Supplement (formerly known as the Clean Energy Supplement), is $877.10 per fortnight for singles and $661.20 for each eligible member of a couple. This rate is valid until indexation takes place on 20 March 2017.
Under the income test, your pension payment is reduced by 50 cents for every $1 of assessable income over the current limit to qualify for a full Age Pension, which for singles is $164 per fortnight. Once you have assessable income of over $1918.20 per fortnight, you will lose your Age Pension. Under the asset test, your Age Pension is reduced by $3 per fortnight for every $1000 you exceed the asset limit for a full Age Pension.
The Work Bonus, which was introduced in 2009, is designed to encourage people to work past the qualifying age for the Age Pension. Under the Work Bonus, the first $250 of income per fortnight derived from employment is exempt from the income test.
Should you chose to leave Australia to live overseas, your Age Pension payment may still be paid, but your rate may change.
Updated 19 September 2016
You can find out more about Age Pension payment rates by viewing our articles below.
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How will the purchase of a new car affect Diane’s Age Pension?
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