Age Pension update: increases and changes from 20 March 2021

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Changes to income and asset thresholds will take effect from 20 March 2021.

Below are the new limits that will apply to you:

Centrelink income test limits for Age Pensions from 20 March 2021

SituationFor full pension/allowance (per fortnight)For part pension(pf) From 20 March 2021
Singleup to $178less than $2083.40
Couple (combined)up to $316less than $3188.40
Illness separated (couple combined)up to $316less than $4126.80


Centrelink asset test limits for full Age Pensions from 20 March 2021

SituationHomeownersNon-homeowners
Single$268,000$482,500
Couple (combined)$401,500$616,000
Illness separated (couple combined)$401,500$616,000


Centrelink asset test limits for part Age Pensions – effective from 20 March 2021

SituationHomeownersNon-homeowners
Single$585,750$800,250
Couple (combined)$880,500$1,095,000
Illness separated (couple combined)$1,037,000$1,251,500


Centrelink income test limits for transitional part Age Pensions from 20 March 2021

Situation 
Singleless than $2168.75
Couple (combined)less than $3528.00
Illness separated (couple combined)less than $4297.50


Centrelink asset test limits for transitional part Age Pensions – effective from 20 March 2021

SituationHomeownersNon-homeowners
Single$533,500$748,000
Couple (combined)$830,000$1,044,500
Illness separated (couple combined)$932,500$1,147,000


Centrelink deeming thresholds from 1 July 2021
 

Family SituationAssets ThresholdDeeming rate
Single$0 – $53,0000.25%
Above $53,000 2.25%
Pensioner Couple – combined (2)$0 – $88,0000.25%
Above $88,000 2.25%

Will these changes make a difference to your retirement?

Written by Ben



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