Will the pension increase by $30?

Maree has heard that pensioners will receive an extra $30 per fortnight once the asset threshold changes take effect, but is this really the case?

Q. Maree
Can you please publish the amount that the Age Pension will increase by in January 2017, for a person that has no house of their own, no assets and no money in the bank? Approximately 18 months ago Scott Morrison announced a $30 increase would happen in January.

A. Unfortunately, the rate of Age Pension will not be increasing in January 2017. The $30 increase referred to by Scott Morrison will be as a result of the changes to the asset thresholds. Those who will receive up to $30 more in their Age Pension payments are those currently on a part Age Pension, who will benefit by moving to full Age Pension or lose less of their payment due to the increase in the lower threshold. 

If you are currently on a full Age Pension, this payment will continue as is until the next indexation in March.

Related articles:
Asset threshold changes explained
What if I lose my Age Pension?

Written by Debbie McTaggart

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Age Pension: what are the asset threshold changes?

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