Age Pension – changes are on the way

Government has proposed legislation to give effect to several changes affecting the Age Pension. What are the changes?

To receive a full pension: From the 1st January 2017, the Government will increase the assets test limit to qualify or a full pension from $286,500 to $375,000 for couples and from $202,000 to $250,000 for single people.

This means that more Australians will be eligible for full pensions.

To receive a part-pension: – The pension amount you lose for owing assets above the full age pension threshold will increase.

Currently, the pension rate reduces by $1.50 per fortnight for every $1,000 over the limit. So if you were $10,000 over the limit your rate of pension is reduced by $15 per fortnight. However if these changes tax effect, the pension may be reduced by $3 per fortnight for every $100 over the limit.

For more information visit the Centrelink website or go an speak to someone directly at a local branch near you.

If you would like to calculate your current age pension entitlement click here..

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