Age Pension increases – 20 March 2018

In accordance with indexation, Age Pension payment rates will increase as of 20 March 2018, but today, we can help you find out if you’ll receive more money as a result.

From 20 March 2018, the following pension payment rates will apply:

Maximum Age Pension payment rates

     Previous   Current   Increase 
 Single  Base  $814.00  $826.20  $12.20
   Supplement  $66.30  $67.30  $1.00
   Energy Supplement  $14.10  $14.10  —
   Total  $894.40  $907.60  $13.20
 Couple (each)   Base  $613.60  $622.80  $9.20
   Supplement  $50.00  $50.70  $0.70
   Energy Supplement  $10.60  $10.60  —
 Total  $674.20  $684.10  $9.90

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  $23.10  $23.40  $0.30
 Couple separated   $23.10  $23.40  $0.30
 Couple (each)  $19.00  $19.20  $0.20

Pension Supplement# minimum amount

 Previous   Current   Increase
 Single  $35.70  $36.10  $0.30
 Couple separated   $35.70  $36.10  $0.30
 Couple (each)  $26.90  $27.20  $0.20

Pension Supplement basic is for those receiving a pension while overseas
Pension Supplement minimum is for those paid a pension under the transitional rules

Planning your finances in retirement will help you decide whether you can support your ideal retirement lifestyle with or without the help of the Age Pension. 

And, if you’ve just missed out on a part Age Pension due to your income or assets, indexed thresholds may mean you now qualify, so what are the new rates?

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