Your eligibility for the Centrelink Age Pension, and how much you’re entitled to receive, depends on several factors - including the value of the assets you own and your income.
The age at which you can claim the Centrelink Age Pension depends on your date of birth - it is gradually increasing to 67 years by 1 July 2023.
|Birthdate||Age Pension qualification age|
|1 July 1952 to 31 December 1953||65 years and 6 months|
|1 January 1954 to 30 June 1955||66 years|
|1 July 1955 to 31 December 1956||66 years and 6 months|
|From 1 January 1957||67 years|
How much can you get from Centrelink?
The fortnightly Centrelink Age Pension rates are indexed in March and September each year. See below for the pension rates as at March 2020.
|Fortnightly payment||Single||Couple (each)||Couple (total)||Couple apart*|
|Maximum basic rate||$860.60||$648.70||$1,297.40||$860.60|
|Maximum Pension Supplement||$69.60||$52.50||$105.00||$69.60|
|Total fortnightly payment available||$944.30||$711.80||$1,423.60||$944.30|
* The couple apart rates apply if a couple is living apart due to ill health of one or both partners.
Other qualification criteria
To qualify for the Centrelink Age Pension you must satisfy the Australian residency, age, income and assets requirements. Centrelink also takes other circumstances into account. The Centrelink website outlines these criteria.
COVID-19: Changes to Deeming rates from 1 May 2020
As at 1 May 2020, the upper deeming rate will be 2.25% and the lower deeming rate will be 0.25%. The reductions reflect low interest rates and the impact on savings income. Around 565,000 people on the Age Pension will, on average, receive around $324 more from the Age Pension in the first full year that the reduced rates apply.
Treasury has provided worked examples on how these changes could help a single on a part-pension, and a couple on the full pension.
Speak with a retirement specialist
Instead of sifting through information to find out what is relevant to you, ask to speak to a retirement specialist – no sales pitches – just a phone discussion with someone who can provide relevant information in plain English. There is no extra cost to use this service, as the cost is included in the fees that apply to all super accounts. This team is accessible between 9am and 5pm (AEST/AEDT) on 1800 222 071.
You can also use this online form to request a callback.