The below tables display what every Aussie will need to address once moving into retirement in order to access the age pension.

Accessing the age pension is for females and males and currently they need to be aged 65 or more increasing to age 67 by 2023

Age pension is combination of a test on your income and assets at the time of application with Centrelink.


ASSET TEST - parameters: The following table displays the minimums and maximums assets allowed between receiving full pension and then fading out to no pension once maximum limits are reached for each of the categories assigned.

ASSET THRESHOLDS – Sep 2014

Home Owner

Non Home Owner

FAMILY TYPE

Lower limit  Transitional

Transitional Upper

Lower Limit  Transitional

Transitional Upper

Single

$196,750.00

$   758,750.00

$339,250.00

$   901,250.00

Couple (combined)

$279,000.00

$1,126,500.00

$421,500.00

$1,269,000.00

Couple (separated due to illness)

$279,000.00

$1,403,000.00

$421,500.00

$1,545,500.00

One partner eligible (combined)

$279,000.00

$1,126,500.00

$421,500.00

$1,269,000.00

ASSET THRESHOLDS – transitional Sep 2014

Home Owner

Non Home Owner

FAMILY TYPE

Lower limit  Transitional

Transitional Upper

Lower Limit  Transitional

Transitional Upper

Single

 $196,750.00

 $  672,750.00

 $339,250.00

 $   815,250.00

Couple (combined)

 $279,000.00

 $1,046,500.00

 $421,500.00

 $1,189,000.00

Couple (separated due to illness)

 $279,000.00

 $1,231,000.00

 $421,500.00

 $1,373,500.00

One partner eligible (combined)

 $279,000.00

 $1,046,500.00

 $421,500.00

 $1,189,000.00

 

INCOME TEST - parameters:- As mentioned above, this is the second test, these parameters display the minimum income to be received in order to receive maximum amount of pension reducing to no pension payable once maximum allowed income is received.

INCOME THRESHOLDS – Sep 2014

Thresholds

FAMILY TYPE

Lower limit 

Upper Limit

Single

$ 4,056.00

$ 47,882.00

Couple (combined)

$ 7,176.00

$ 73,247.00

Couple (separated due to illness)

$ 7,176.00

$ 94,827.00

INCOME THRESHOLDS – transitional Sep 2014

Thresholds

FAMILY TYPE

Lower  Transitional

Transitional Upper

Single

$ 4,056.00

$ 50,447.00

Couple (combined)

$ 7,176.00

$ 82,004.00

Couple (separated due to illness)

$ 7,176.00

 

DEEMING:- When undergoing the asset test the government lists many types of investments where the assets are added and these assets are deemed to earn a certain percentage

DEEMING rates:

FAMILY TYPE

 % RATES

%rate below

Amount

% rate above

Single

2.00%

$ 46,600.00

3.50%

Couple (combined)

2.00%

$ 77,400.00

3.50%


AGE PENSION:- Once the Income and asset test is calculated, based on the above parameters the table below displays the maximum amount of pension available as per your family type. As your income and assets are calculated the result that has the greatest reduction from these maximum levels of pension until reduction to zero which will coincide with the maximums above.  

AGE PENSION - payments

FAMILY TYPE

Centrelink Payments

 

Supplement

Clean Energy

Base Pension

Single

$ 62.90

$ 13.90

$ 766.00

Couple (combined)

$ 47.40

$ 10.50

$ 577.40

Couple (separated due to illness)

$ 62.90

$ 13.90

$ 766.00

AGE PENSION – payments transitional

FAMILY TYPE

Centrelink Payments

 

Supplement

Clean Energy

Base Pension

Single

$ 00.00

$ 13.90

$ 699.80

Couple (combined)

$ 00.00

$ 10.50

$ 565.10

Couple (separated due to illness)

$ 00.00

$ 13.90

$ 699.80