Aged Pension in Australia

The Government Aged Pension in Australia.

The Government Aged Pension is a welfare benefit, paid by the Department of Human Services [Centrelink], the Australian welfare system.

The Aged Pension is an Income support for older Australians, it is not something that everyone gets. It is only for those in Financial Need.

Most Australians reaching retirement age will be eligible for a Superannuation from their Employment, under the Compulsory Super Plan. This income may make them ineligible for the Aged Pension under the Income and Assets test.

The Pension age for people born before 1 July 1952 is 65 years of age.
The pension age for men and women born from 1 July 1952 will be gradually increased from 65 to 67 years.

To be eligible for the Aged Pension you need to fit the various Eligibility Requirements, these include:

  • Age Requirement
  • Residence Requirement
  • Income test
  • Assets test

Australian Aged Pension Payment Rates.

The Residence Requirement.

To be eligible for the aged pension, you need to be a Australian resident for a total of at least 10 years, with at least five of these years in one period.

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Any eligible overseas pension must be applied for, and the rate will be taken into account when calculating the Australian Payment rate.

Links:

Payments for Older Australians:
www.humanservices.gov.au/../payments-for-older-australians

Payment Rates for Aged Pension:
www.humanservices.gov.au/../payment-rates-for-age-pension

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