Will you get an Age Pension?

Do you meet the criteria to qualify for an Age Pension?

Will you get an Age Pension?

The question just about everyone asks when approaching retirement is whether or not they will qualify for the Age Pension. Several factors are assessed by Human Services when determining your eligibility, which we’ve outlined below.

Qualification age
The current qualification age for the Age Pension is 65 years for men and women. From?1 July 2017, this will increase by six month every two years, until it reaches 67 by 1 July 2023.

You can use this table to calculate when you will be eligible to claim for an Age Pension:

 Date of Birth

 Qualifying age at

 1 July 1952 to 31 December 1953  

 65 years and 6 months 

 1 January 1954 to 30 June 1955  

 66 years

 1 July 1955 to 31 December 1956  

 66 years and 6 months 

 From 1 January 1957

 67 years

When claiming the Age Pension, you must be present in the country and must have lived in Australia as a resident for a continuous period of 10 years, or for several periods, that total over 10 years, which is to include a continuous period of five years. However, there are certain exemptions. You can find out more at Humanservices.gov.au

Assessment of income and assets
Centrelink will apply both an income and asset test to determine the amount of Age Pension you will receive. You will receive the lesser amount derived from these two tests and should either of them result in a $0 payment, then you will not qualify for an Age Pension.

Income test
Currently you can earn $162 per fortnight for singles before your Age Pension is affected. If you chose?to work past Age Pension age, the Work Bonus will be applied and $250 of income from wages will be excluded from assessment. Your Age Pension is reduced by 50 cents for every dollar you exceed the threshold until your payment reaches $0. Find out full details of income thresholds.

Asset test
There are certain exemptions from the asset test, such as your main residence if owned by you. The current asset disqualification limits for a single, full Age Pension applicant are $205,500 for a homeowner and $354,500 for a non-homeowner. Find out full details of asset thresholds.


    To make a comment, please register or login
    27th Oct 2015
    Is the super included in the asset test when you apply for the aged pension
    27th Oct 2015
    Yes it is
    27th Oct 2015
    That's a question I have too fedup. I can't seem to find an answer anywhere.
    27th Oct 2015
    The other question I have is whether my super is included in the pension income test?
    27th Oct 2015
    Money earned (or "deemed" to be earned) from superannuation, if you are income assessed, IS included.
    27th Oct 2015
    Pablo and Fed up best if you get financial advice from retirement expert.
    Your super can be quarantined but the income stream you get from that will be assessed income.
    Income you receive from a defined super pension will also be assessed. You will be assessed on assets as well. Rather confusing so financial advice is helpful.
    27th Oct 2015
    Lyn, what do you mean by "Your super can be quarantined ?"
    My understanding is that as Bella54 stated your super is assessed, and under both assets and income tests when you are age pension age?
    27th Oct 2015
    Isn't super meant to fund your retirement? Therefore isn't that your pension first before asking for Centrelink payments and then complaining when it is taken into account for assessment purposes?

    Seems its this kind of thinking that contributes to the welfare budget blowout!
    Pass the Ductape
    27th Oct 2015
    If only it was that simple KSS.
    27th Oct 2015
    KSS there is no blow out. It is propaganda.

    The Australian Aged pension uses 2.6% of GDP and is only 30% of other comparable countries spend. In fact all aged could receive a government pension and it would still be less than other OECD countries. In fact that would boost business and employ people and add to GDP.

    The attack on pensioners and warfare against self funded retirees is a purely ideologically driven distraction.

    The real waste is going to private contractors and the cost of that largess is unknown.
    27th Oct 2015
    Remove pensions and so called perks from the Australian citizens members of parliament after they are no longer how employees of parliament and reduce their superannuation to the same level and conditions as other workers employees

    the above will save the Australian citizens some millions of dollars when inforced at federal ,state and territy levels
    27th Oct 2015
    Why is it we hear a lit about the nation cannot afford to pay or continue to pay the age pensions to who have worked and payed taxation all there lives. But, we do not hear about the so called life time perks and pensions we the Australian citizens and the aged pensions pay to former members of parliament when they are not longer employees of the Australian citizens or aged pensions.

    Such former members of parliament can own and drive a car (unlike the poor states Hockey)
    27th Oct 2015
    Will we get taxed after retirement? Even if we don't apply for the aged pension?
    Does it mean whatever we have cannot be touched by anyone but ourselves?
    27th Oct 2015
    There are different, tougher rules for new pensioners in regards to the treatment of superannuation. Pensioners before 1/1/2015 have had their more favourable assessment grandfathered. Likewise tougher rules for people receiving defined benefit pensions from 1/1/2016, but these won't be grandfathered. Centrelink financial officers can be very helpful in providing you with the correct information.
    28th Oct 2015
    I'm sick of this bloody government trying to take the little we have after retirement. Why don't they cut the government ministers perks and their super entitlements. Like Joe Hockey wanting the poor people to do the heavy lifting while they keep their entitlements.
    29th Oct 2015
    29th Oct 2015

    29th Oct 2015
    ''The Australian Aged pension uses 2.6% of GDP and is only 30% of other comparable countries spend. In fact all aged could receive a government pension and it would still be less than other OECD countries. In fact that would boost business and employ people and add to GDP.''

    Thank you, Rae, for highlighting the truth and exposing the huge political lie that is destroying the retirement dreams of ordinary Australians. Sad that too many are unable to absorb the facts, but continue to accept dishonest and emotive claims by people with a vested interest in making retirees pay for the greed and excesses of the privileged.

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