Pension increases – 20 March 2017

In accordance with indexation, Age Pension payment rates will increase as of 20 March 2017, but today, we can help you find out if you’ll receive more money as a result.

From 20 March 2017, the following pension payment rates will apply:

Maximum Age Pension payment rates

    Previous Current Increase
Single Base $797.90 $808.30 $10.40
  Supplement $65.10 $65.90 $0.80
  Energy Supplement $14.10 $14.10
  Total $877.10 $888.30 $11.20
Couple (each) Base $601.50 $609.30 $7.80
  Supplement $49.10 $49.70 $0.60
  Energy Supplement $10.60 $10.60
Total $661.20 $669.60 $8.40

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

$22.70

$23.00

$0.30

Couple separated

$22.70

$23.00

$0.30

Couple (each)

$18.70

$18.90

$0.20


Pension Supplement# minimum amount

Previous

Current

Increase

Single

$35.00

$35.40

$0.40

Couple separated

$35.00

$35.40

$0.40

Couple (each)

$26.40

$26.70

$0.30

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. Keep an eye out for our free YourLifeChoices Age Pension guide, which will be in your inbox after 20 March 2017, and will provide you with the information you need to ask the necessary questions about your retirement income.

If you don’t receive an Age Pension, from 20 March 2017, Newstart Allowance rates and thresholds will also be indexed. Find out if your payment will be affected.

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?

Written by Debbie McTaggart



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