What are the latest Age Pension rates and limits?
In this article, we’ll walk you through the current pension rates and changes to the Age Pension limits from 20 March 2024.
Age Pension rates (from 20 March 2024)
Age Pension rates can vary for singles and couples. Additionally, there is extra financial assistance available for those who qualify for the pension supplement or the energy supplement.
Here are the Age Pension and supplement rates for singles and couples, as of 20 March 2024.
Age Pension rates - singles
| Maximum rate |
$1,020.60 |
| Maximum pension supplement |
$81.60 |
| Energy supplement |
$14.10 |
| Total |
$1,116.30 |
Age Pension rates – couples (per person)
| Maximum rate |
$769.30 |
| Maximum pension supplement |
$61.50 |
| Energy supplement |
$10.60 |
| Total |
$841.40 |
Age Pension rates – couples separated due to illness
| Maximum rate |
$1,020.60 |
|
| Maximum pension supplement |
$81.60 |
|
| Energy supplement |
$14.10 |
|
| Total |
$1,116.30 |
|
| Maximum rate |
| $1,020.60 |
| |
| Maximum pension supplement |
| $81.60 |
| |
| Energy supplement |
| $14.10 |
| |
| Total |
| $1,116.30 |
| |
Who is eligible for the Age Pension?
To be eligible for age pension, you must be aged 67 and meet some other rules. See below for further information:
For full eligibility criteria, visit the Services Australia website.
Age Pension assets & income test limits
The Age Pension is subject to both an income test and assets test. Pensioners are paid under the test that produces the lowest rate of payment.
The Age Pension income and assets tests highlight the rules on how much you can earn and own to still get the Age Pension. You must meet both the income and assets tests, as well as residence rules, to qualify for the Age Pension.
Every year on 1 July, the income free and asset free areas are indexed, though changes can happen on other dates. See below for the latest assets and income test thresholds.
Assets test (from 1 July 2024)
The assets test is an assessment of your assets to help determine if you qualify for the Age Pension, and affects how much pension you could receive. Your assets include any property or possessions you own in full, in part, or have an interest in; this also includes but is not limited to your bank account, superannuation if you’ve reached Age Pension age, or any funds that are invested in a super pension fund or income stream, regardless of your age.
The assets test also includes any money if you own your own home; the property value of your home generally isn’t counted under the assets test, but you’ll be assessed under a different limit.
There are two asset limits: one for the full pension and one for the part pension. This means:
- if the value of your assets is above the full pension asset limit, your pension rate will reduce on a sliding scale, and you’ll get what’s often called a part pension.
- if your assets are valued above the part pension limit, you may not be eligible for the Age Pension.
| Homeowner |
| Single |
$314,000 |
$686,250 |
| A couple living together (combined) |
$470,000 |
$1,031,000 |
| A couple, separated due to illness |
$470,000 |
$1,214,500 |
| A couple, one partner eligible, combined |
$470,000 |
$1,031,000 |
| Non-homeowner |
| Single |
$566,000 |
$938,250 |
| A couple living together (combined) |
$722,000 |
$1,283,500 |
| A couple separated due to illness |
$722,000 |
$1,283,000 |
| A couple, one partner eligible, combined |
$722,000 |
$1,254,500 |
While this information is current as of 1 July 2024, it may change in future. To learn more about the assets test and details on other situations on the Services Australia website.
Income test (from 1 July 2024)
The income test is used to help determine if you’re eligible for the Age Pension and affects how much your pension payments could be. The income test is an assessment of your income from all sources. According to Services Australia, assessable income includes but is not limited to reportable super contributions and from any funds invested in superannuation if you’ve reached Age Pension age, or any funds that is invested in a super pension fund or income stream, regardless of age. Different rules do apply to account based pensions that were purchased before 1 January 2015 and held a Commonwealth seniors health card on 31 December 2014, please contact Services Australia for further information.
Like the assets test, there are different thresholds for the full and part pensions. So, if you exceed the full pension income limit, you may still be able to get a part pension. If you exceed the part pension income limit, your pension will be cut off.
For most pensioners, here are the fortnightly income limits as at 1 July 2024, though your cut off point may be higher if you get the Rent Assistance or Work Bonus, or lower if you do not live in Australia.
| Single |
$212 |
$2,444.60 |
| A couple living together (combined) |
$372 |
$3,737.60 |
| A couple living apart due to ill health |
$372 |
$4,837.20 |
For other situations and for the latest income rules, visit the Services Australia website.
Remember, any Age Pension and Work Bonus related information in this article is general information only and is also not exhaustive. While the information is current as at 1 July 2024, the rules may change in future.
A note about Deeming Rates
The freeze on deeming rates (which were set to lift on 30 June 2024) has been extended to 30 June 2025. Deeming rates, which are currently up to 2.25%, are used by Centrelink to assess how much income you make from your financial assets, including super.
These deeming rates had previously been frozen at the time of the pandemic until 30 June 2024, to help retirees with cost-of-living pressures
Typically deeming rates change to be in line with the cash rate. Should the freeze lift, the increase means that the amount of Age Pension that retirees receive is likely to be impacted.
