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Age Pension


The Age Pension provides income support for older Australians who need it and acts as a safety net for most retirees.

How does the Age Pension work?

You must satisfy certain age and residency requirements to qualify for the Age Pension. Your income and assets will also be assessed. You may be eligible for the full pension, a part-pension or no pension. Age Pension payments are made fortnightly to a nominated bank account.

What are the age requirements?

The age at which you may be eligible for the Age Pension depends on your date of birth, as summarised in the table below.

Date of birth

Qualifying age

On or before 31 December 1956

Already reached qualifying age

1 Jan 1957 or later


What are the residency requirements?

You must be an Australian resident and in Australia on the day you apply for the Age Pension. You also need to meet certain other residency requirements – see the Centrelink website.

What are the income and
assets tests?

Eligibility for the Age Pension is determined using both an income and assets test. The test that results in the lower Age Pension payment will apply.

The income test assesses your total income from all sources. Financial assets are assessed using the ‘deeming’ rules, where an assumed rate of return is used and not the actual earning rate.

The assets test assesses the value of your total assets. Some assets are exempt from the assets test. A notable example is your ‘principal place of residence’.

Superannuation in accumulation phase is generally assessed under both the income and assets test, where the individual has reached Age Pension age. If the individual is below Age Pension age, the amount is exempt under both the income and assets test.

To find out more about the Age Pension, visit the Centrelink website.



What next?

Find out more about converting your super into a retirement income.



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General advice and information only

Any advice and information on this website is general only, and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice on this website you should assess or seek advice on whether it is appropriate for your needs, financial situation and investment objectives.