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.