A number of factors will play a part in determining whether you’re eligible for a full, part, or no Age Pension. Find out what they are.

The money you use to fund your life in retirement may come from a range of different sources, which might include super, investments, savings, an inheritance or government benefits, such as the Age Pension.

If you’re keen to know whether you’re eligible for the Age Pension and how much you could get, read on.


Am I eligible?

Your eligibility for the Age Pension will generally come down to three things.

1. Your age

The age you qualify for the Age Pension will be between 65 and 67, depending on your date of birth. Check out the table below to see what age you might qualify.

Date of birth
Age Pension eligibility age
Before 1 July 1952
1 July 1952 - 31 December 1953
65 and a half
1 January 1954 - 30 June 1955
1 July 1955 - 31 December 1956 66 and a half
From 1 January 1957 67

Tip – the age you can access your super and the age you’ll be eligible for the Age Pension won’t necessarily be the same. Generally, you can access your super savings first.

2. Your residency

To receive the Age Pension, you must be an Australian resident and physically present in the country on the day you submit your claim.

You also must have lived in Australia for at least 10 years and continuously, for at least five of those years.

3. Your income and assets

If you’re the right age and meet residency requirements, you’ll then need to fill out an income and assets form for Centrelink.

Centrelink will then assess your income and assets to determine whether you’re eligible for a full, part, or no Age Pension.

How does the income and assets test work?

To be eligible for the Age Pension, you must have income and assets under certain limits. Below we look at some of the things that are taken into consideration and what the income and asset cut-off points are.

The income test

Centrelink will consider all sources of income, including that which you might receive outside of Australia, as part of its assessment. This may include income from:

  • employment
  • investments
  • super and retirement pensions.

It doesn’t include things like:

  • rental assistance payments
  • payments through a National Disability Insurance Scheme package
  • emergency relief payments
  • regular payments from a close relative.

Check out the Services Australia website to find out more about assessable income.

Income cut-off points for the Age Pension

You need to have income lower than the below amounts (per fortnight) to be eligible for any form of Age Pension1.

Your situation
Income cut off point

A couple living together $3,192.40 combined
A couple living apart due to ill health $4,130.80 combined

Tip – your cut off point will be higher if you get the Work Bonus. Note, the Work Bonus reduces the amount of employment or eligible self-employment income that Centrelink applies to your rate of pension entitlement under the income test2.

Asset cut off points for the Age Pension

Full pension

When your assets are more than the limit for your situation below, your Age Pension will reduce3.

Your situation
A couple combined $405,000 $621,500
A couple (separated due to illness) combined $405,000 $621,500
A couple (one partner eligible) combined $405,000 $621,500

Part pension

If your assets are above the below figures, you won’t be eligible for any Age Pension4.

 Your situation  Homeowner  Non-homeowner
 Single  $588,250  $804,750
A couple, combined $884,000 $1,100,500
A couple (separated due to illness) combined $1,040,500 $1,257,000
A couple (one partner eligible) combined $884,000 $1,100,500

How much does the Age Pension pay?

The standard rate for Age Pension payments will come down to whether you have income and assets below certain levels and if you’re single or part of a couple.

To give you a bit of an idea, the amounts below are the maximum rates5 currently being paid each fortnight and annually to those who are eligible for a full Age Pension (includes supplements).

Full Age Pension rate fortnightly
Full Age Pension rate annually
Single $952.70
Couple $718.10 each    
$37,341 combined

Age Pension rates are adjusted throughout the year, so these figures could change.

Where to go for more information?

Planning for retirement and working out your entitlements isn’t always straightforward. Contact Services Australia or your financial adviser to figure out what you’re eligible for. If you don’t have an adviser, click here to find one that suits your needs.

For other retirement planning tips, see our checklist. You may also be interested in what other government benefits, including concession cards, you may be eligible for.

1, 2 Services Australia - Income test for pensions (August 2021)
3, 4 Services Australia – Assets test (August 2021)
5 Age Pension – How much you can get (August 2021)


Complimentary retirement health check

If you’re an AMP super member, you may like to arrange a call with one of our retirement specialists to discuss your super and retirement. To learn more and book in a chat, visit our info page.

Important information

Any advice and information is provided by AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121 (AWM Services) and is general in nature. It hasn’t taken your financial or personal circumstances into account.

The retirement health check is a general advice conversation only. It is provided by AWM Services Limited (AWM Services) ABN 15 139 353 496, AFS Licence No. 366121 (AWMS) to eligible members of the AMP Super Fund. AWM Services is a wholly-owned subsidiary of AMP.

It’s important to consider your particular circumstances and read the relevant product disclosure statement, Target Market Determination or or terms and conditions, available from AMP at amp.com.au, or by calling 131 267, before deciding what’s right for you.

You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. You can also ask us for a hard copy. All information on this website is subject to change without notice. AWM Services is part of the AMP group.