Australian Aged Pension from March 2018

The Australian Aged Pension from March 2018.

The Australian Aged Pension is revised in March and September each year, and the March 2018 new Pension Rates have been released. This pension is paid Fortnightly.

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

Singles on the Aged pension will receive an extra $6.60 per week, while a married person will get an extra $4.95 per week.

The new, fortnightly, rates from March 2018 are:

Single Person Aged Pension March 2018

$826.20 Single Base pension
$  67.30 Pension Supplement
$  14.10 Energy Supplement
$907.60 Total Pension

Married Person Aged Pension March 2018

$622.80 Married Base Pension
$  50.70 Pension Supplement
$  10.60 Energy Supplement
$684.10 Total Pension

Eligibility for the Australian Aged Pension.

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.

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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.

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

Pension Rates are reduced where the recipient receives other income.

A single person would lose 50 cents for each dollar over $168 of other income per fortnight.
A member of a couple would lose 50 cents for each dollar over $300 of other income per fortnight.

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.

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

Age Eligibility for Aged Pension.

Birthday Between: 1 July 1952 to 31 December 1953, Eligible at 65 years and 6 months
Birthday Between: 1 January 1954 to 30 June 1955, Eligible at 66 years
Birthday Between: 1 July 1955 to 31 December 1956, Eligible at 66 years and 6 months
Birthday After: 1 January 1957, Eligible at 67 years

Australian Aged Pension Payment Rates.

Previous Total Aged Pension Rates

Married Person (each) Total Fortnightly Pension rates

Mar 2018 $684.10 This was an increase of $14.50 since March 2017, equal to 2.2% annual rise
Sep 2017 $674.20 This was an increase of $13.00 since September 2016, equal to 1.97% annual rise
Mar 2017 $669.60
Sep 2016 $661.20
Mar 2016 $658.70

Single Person Total Fortnightly Pension rates

Mar 2018 $907.60 This was an increase of $19.30 since March 2017, equal to 2.2% annual rise
Sep 2017 $894.40 This was an increase of $17.30 since September 2016, equal to 1.97% annual rise
Mar 2017 $888.30
Sep 2016 $877.10
Mar 2016 $873.90

Sources: www.humanservices.gov.au/../age-pension

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