A person’s financial situation is rarely static, and neither are Centrelink’s income and asset thresholds when it comes to the Age Pension.
Being aware of these changes can result in a significant boost to your financial situation or stop you from paying back a large sum of money, if you have been overpaid.
If you currently receive a part Age Pension payment, Centrelink will automatically assess your situation when the various thresholds are indexed and promote you to a full Age Pension if that is the new rate you should be paid at. However, if your financial circumstances change significantly (either your assets or income), you will need to be aware of the change yourself to notify Centrelink and apply for a full Age Pension payment.
Those who have missed out on a part pension payment are the ones who need to pay the most attention to changes to the asset and income thresholds.
Income and asset limits for the full Age Pension are indexed on 1 July each year and the limits for part Age Pensions are indexed in March, July and September of each year.
However, if your circumstances change; for example, if you receive a lump sum payment, you purchase an asset or your relationship status changes, you will need to advise Centrelink immediately.
How often do you check your Age Pension entitlements?