The Australian Government has announced an increase in the Age Pension rates, effective from 20 March 2025.
This adjustment aims to assist retirees in managing the rising cost of living. Understanding the updated payment amounts, eligibility criteria, and payment schedules is essential for those seeking to benefit from this support.​
Updated Age Pension Payment Rates
As of 20 March 2025, the maximum Age Pension rates are as follows:​
| Recipient Category | Maximum Fortnightly Payment | Maximum Annual Payment |
|---|---|---|
| Single Pensioners | $1,148.92 | $29,872 |
| Couple Pensioners (combined) | $1,732.02 | $45,032 |
Note: These amounts include the base pension rate, the pension supplement, and the energy supplement.
Eligibility Criteria for Age Pension
To qualify for the Age Pension, applicants must meet specific requirements:
- Age Requirement
- Applicants must be 67 years or older. ​
- Residency Requirements
- Australian Resident: Must be residing in Australia at the time of application.​
- Minimum Residency Period: Have lived in Australia for at least 10 years, with at least 5 years of continuous residency. ​
- Income and Assets Test The Age Pension is means-tested, meaning both income and assets are assessed to determine eligibility and payment rates.Income Test
- Singles: Full pension if income is less than $190 per fortnight; part pension available if income is below $2,115.20 per fortnight.​
- Couples (combined): Full pension if combined income is less than $336 per fortnight; part pension available if combined income is below $3,237.60 per fortnight.​
- Homeowners:
- Singles: Full pension if assets are less than $280,000; part pension available if assets are below $609,250.
- Couples: Full pension if combined assets are less than $419,000; part pension available if assets are below $915,500.
- Non-Homeowners:
- Singles: Full pension if assets are less than $504,500; part pension available if assets are below $833,750.
- Couples: Full pension if combined assets are less than $643,500; part pension available if assets are below $1,140,000.
How to Apply for the Age Pension
If you believe you meet the eligibility criteria, follow these steps:
- Prepare Necessary Documents: Gather proof of age, identity, residency, and details of income and assets.​
- Set Up a myGov Account: Ensure you have a myGov account linked to Centrelink.​
- Submit Your Application: Applications can be lodged online through your myGov account or by visiting a Services Australia service centre.​
- Await Assessment: Processing times may vary. Ensure all information is accurate to avoid delays.​
Payment Schedule and Important Dates
Age Pension payments are made fortnightly. The exact payment date may vary based on individual circumstances and payment arrangements.
The next scheduled review and potential adjustment of the Age Pension rates is set for 20 September 2025.​
Common Mistakes to Avoid
- Incorrect Information: Ensure all details match your official records.​
- Missing Documentation: Always provide accurate income and asset declarations.​
- Failure to Report Changes: Report any changes in income, assets, or living arrangements promptly to avoid overpayments or penalties.​
The Age Pension increase provides essential financial support for eligible retirees, helping them manage living expenses amid rising costs.
Understanding the updated rates, eligibility criteria, and payment schedules is crucial for maximizing this benefit. For the latest information and personalized assistance, visit the Services Australia website.​
FAQs
What is the current Age Pension age in Australia?
As of 1 July 2023, the Age Pension age is 67 years. ​
How often are Age Pension payments made?
Age Pension payments are made fortnightly.​
What should I do if my income or assets change while receiving the Age Pension?
You must report any changes in your income or assets to Services Australia promptly to ensure your payment rate remains correct.
