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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.
You must be at least 67 years old to be eligible for the age pension.
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.
Eligibility for the Age Pension is determined using both income and assets tests. 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.
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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.
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Insignia Financial Ltd ABN 49 100 103 722.
MLC Limited uses the MLC brand under licence. MLC Limited is part of the Nippon Life Insurance Group and is not part of the Insignia Financial Group.