When you receive retirement income from your super, you may still be eligible for the government Age Pension

The Age Pension is income support from the government. To start receiving it, you need to apply to Centrelink first – they’ll check whether you’re eligible and confirm how much you can get. 

Eligibility for the Age Pension

Aged 66 years or older

From 1 July 2021, you’ll need to be aged at least 66 years and six months.

From 1 July 2023, you’ll need to be aged at least 67 years.

Australian resident

You generally must have been an Australian resident for at least 10 years, with at least five of these years in one period. 

Meet the income and assets tests

There are limits on how much your income, investments, super and property can be worth before it affects how much you will recieve.

Different limits apply to couples and singles.

Visit Centrelink to learn more about eligibility for the Age Pension.

The Age Pension – the basics 

This 2-minute video gives an overview of how to get started and
apply for the pension. 

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Meet with a Certified Financial Planner

As part of your Cbus membership, you have access to our team of financial advisers over the phone who can assist you in planning your retirement. 

For more comprehensive personal financial advice, Cbus Advice Services can refer you to an accredited Certified Financial Planner (CFP).  

 

Your first meeting with a CFP is at no cost. The CFP offers advice on a fee-for-service basis, with any fees agreed with you in advance. You may be eligible to have the financial planner payment fees deducted directly from your Cbus account. 

 

All CFPs meet strict professional qualification and service criteria set by Cbus and the Financial Planning Association (FPA) of Australia. 

 

Call us to get started. 

Come along to a retirement seminar

Learn more about retirement and super at one of our seminars.
They're relaxed and informal so anyone can join, and they're provided as part of your membership.

Topics covered include retirement planning, the government Age
Pension and transition to retirement.

Find a seminar

How much you could get

How much Age Pension you get depends on the income test and the assets test. You’ll get paid under the test that produces the lower rate of payment.

Current maximum Age Pension rates

As at April 2021

Per fortnight Couples combined Single
Maximum basic rate $868.30

​$1309.00

Minimum Pension supplement $70.30

$106.00

Energy supplement $14.20
$21.20
Total $952.70 $1436.20

Visit Centrelink to learn more about how much can i get.

 

Get a free quote

Retirement Essentials can help you find out how much you are eligible for.

Contact Retirement Essentials

About the income test

Income from employment (including salary sacrifice), some pension payments and annuity payments, deemed income from investments and income from outside of Australia are all included in the income test.

For singles

 

Single  
Income per fortnight Pension reduced by

Up to $180 $0

Over $180

50 cents for each dollar

 over $180

As at April 2021

Visit Centrelink to learn more about how the income test works

For couples

 

Couple  
Income per fortnight Pension reduced by

Up to $320 $0

Over $320

50 cents for each dollar

 over $320

As at April 2021

Visit Centrelink to learn more about how the income test works

Work Bonus

The Work Bonus provides an incentive for pensioners over Age Pension age to work, should they choose to do so, by allowing them to keep more of their pension when they have income from working.

Under the Work Bonus, the first $300 of fortnightly income from work is not assessed as income under the pension income test. Any unused amount of the fortnightly $300 Work Bonus will accumulate in a Work Bonus income bank, up to a maximum amount of $7,800.

Visit Centrelink to learn more about Work Bonus eligibility.

About the assets test

Different asset test limits apply for homeowners and non-homeowners.

Assessable assets over the lower threshold reduces the full Age Pension by $78 p.a. per $1,000 of excess assets. 

Assets test limits: Homeowner (own or paying off a home)

For homeowners, the house you currently live in is not considered an asset.

 

Perfortnight Full Pension if assets are less than the lower threshold of:  No Pension payable if assets are more than the upper threshold of:
Single $270,500 $593,00
Couple combined $405,00

$891,000

A couple, separated due to illness, combined   $405,000 $1,050,00

As at March 2021

Visit Centrelink to learn more about how the assets test works

 

Assets test limits: Non-homeowner (renting or living in rent free accommodation)

Assets test limits – Non-homeowner (renting or living in rent free accommodation)

 

Perfortnight Full Pension if assets are less than the lower threshold of:  No Pension payable if assets are more than the upper threshold of:
Single $487,000 $809,500
Couple combined $621,500

$1,108,000

A couple, separated due to illness, combined   $621,500 $1,108,000

As at March 2021

Visit Centrelink to learn more about how the assets test works

Applying for the Age Pension

Get ready to apply

You can apply 13 weeks before you reach your Age Pension age. But it’s a good idea to start early and get your documents ready.

Documents needed may include:

  • a form of identification
  • your Tax File Number
  • your bank account details
  • your income and assets information.

How to apply

Retirement Essentials

Cbus are proud to partner with Retirement Essentials, Experts in simplifying the Age and Commonwealth Seniors Health Card application process for you. 

Get a free eligibility calculation, with a fee payable when you finish your application.

You can complete your
application online from the security of your own home with back-up telephone support if you need it.

Learn more