The rate at which your fortnightly Age Pension is paid depends on 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 that 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 $952.70 per fortnight for singles and $718.10 per fortnight for each eligible member of a couple.
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 $178 per fortnight. Once your assessable income is more than $2083.40 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 $300 of income per fortnight derived from employment is exempt from the income test.
Should you choose to leave Australia to live overseas, your Age Pension payment may still be paid, but your rate may change.
A cut to deeming rates is expected this week as part of a federal government economic package to
We asked for your help to prepare a submission to the government's retirement income review. This
Pension and deeming rates must reflect reality, say members
Deeming rates have been cut - for the first time since 2015 - but are you happy?
‘It is a generous amount of money that taxpayers make available to older Australians.'
How much more Age Pension will you receive?