Easter closure
Centrelink advises that its reporting and payment arrangements may change over the Easter and Anzac Day period.
Offices will be closed on:
- Friday 19 April 2019 for Good Friday
- Monday 22 April 2019 for Easter Monday
- Thursday 25 April 2019 for Anzac Day.
Age Pension
From 20 March 2019, the following Age Pension payments, supplements, asset and income thresholds came into effect.
Maximum Age Pension payment rates
|
|
|
Previous |
Current |
Increase |
|
Single |
Base |
$834.40 |
$843.60 |
$9.20 |
|
|
Supplement |
$67.80 |
$68.50 |
$0.70 |
|
|
Energy Supplement |
$14.10 |
$14.10 |
– |
|
|
Total |
$916.30 |
$926.20 |
$9.90 |
|
Couple (each) |
Base |
$629.00 |
$635.90 |
$6.90 |
|
|
Supplement |
$51.10 |
$51.60 |
$0.50 |
|
|
Energy Supplement |
$10.60 |
$10.60 |
– |
|
|
Total |
$690.70 |
$698.10 |
$7.40 |
Pension Supplement
The Pension Supplement is paid as part of certain regular fortnightly income support payments to help eligible recipients meet the costs of daily household and living expenses.
Pension Supplement basic amount
|
|
Previous |
Current |
Increase |
|
Single |
$23.60 |
$23.80 |
$0.20 |
|
Couple separated |
$23.60 |
$23.80 |
$0.20 |
|
Couple (each) |
$19.40 |
$19.60 |
$0.20 |
Pension Supplement minimum amount
|
|
Previous |
Current |
Increase |
|
Single |
$36.30 |
$36.70 |
$0.40 |
|
Couple separated |
$36.30 |
$36.70 |
$0.40 |
|
Couple (each) |
$27.40 |
$27.70 |
$0.30 |
Income limits
You can still receive a certain amount of income and receive an Age Pension. The income limits from 20 March are:
|
Situation |
For full pension/allowance (per fortnight) |
For part pension(pf) |
|
Single |
up to $172 |
less than $2024.40 |
|
Couple (combined) |
up to $304 |
less than $3096.40 |
|
Illness separated (couple combined) |
up to $304 |
less than $4008.80 |
Asset limits
The new asset limits for part age pensioners from 20 March are:
Centrelink asset test limits for part Age Pensions
|
Situation |
Homeowners |
Non-homeowners |
|
Single |
$567,250 |
$774,250 |
|
Couple (combined) |
$853,000 |
$1,060,000 |
|
Illness separated (couple combined) |
$1,005,000 |
$1,212,000 |
|
One partner eligible (combined assets) |
$853,000 |
$1,060,000 |
Low income Health Care Card
Even if you’re not eligible for any benefits from Centrelink, you may qualify for a low income Health Care Card if income falls below the qualifying limits from 20 March.
Qualifying income limits
|
Status |
Weekly income |
Eight-week period |
|
Single, no children |
$561 |
$4488 |
|
Couple, no children |
$969 |
$7752 |
Work Bonus
From 1 July 2019, both employed and self-employed pensioners over the age pension age and Veterans’ Affairs pension recipients over the qualifying age can earn up to $300 a fortnight through work before this income is assessed by the pension income test. The maximum Work Bonus accrual amount will also increase from $6,500 to $7,800.
The Work Bonus was set at $250 when the scheme was introduced in 2011 and has not been increased since.
Pension Loans Scheme
From 1 July 2019, the Pension Loans Scheme (PLS) will be expanded, with the available fortnightly loan plus pension amount increasing to 150 per cent of the maximum rate of the fortnightly Age Pension.
Lifetime income products
From 1 July 2019, new means testing rules will be introduced to assess pooled lifetime retirement income stream products.
The following rules will apply to these products:
- an income test that will assess a fixed 60 per cent of all product payments as income
- an assets test will assess 60 per cent of the nominal purchase price until the life expectancy of a 65-year-old male (currently age 84) – or a minimum of five years – and then 30 per cent for the rest of the person’s life.
These rules will apply to all pooled lifetime products held by social security or Veterans’ Affairs income support recipients acquired on or after 1 July 2019.
This article first appeared in the March 2019 Retirement Affordability Index.
Related articles:
UK Pension and the Age Pension
Real change, not small change
Reapplying for widow’s allowance