Over the last few weeks we have received lots of comments and questions from customers wondering how their partner’s age and working arrangements can affect their entitlements. So this week we are going to answer some of those questions.
I am 67 and retired but my partner is 60. Can I apply for the age pension?
The answer is yes. Your combined assets and income will however be assessed as a couple. If you are eligible you will receive half of the couple’s age pension entitlement. When your partner reaches pension age he or she can apply and you will receive your full entitlement as a couple.
My younger partner is still working. Can I apply for the age pension?
The answer to this is the same as the above. Yes you can still apply. If your partner is still working then his or her income will be included in the income test for a couple so it could affect the amount you are eligible to receive.
Will my younger partner’s super count towards the asset test?
If your partner is not yet of pension age, and their super is still in an accumulation account, i.e. they haven’t started an income stream, then it is not counted in the assets test. This has led to many people asking the following question…
If I transfer some of my assets to my younger partner’s super could I get more favourable treatment in the assets test?
The answer is yes. People can use the superannuation “bring forward” provisions whereby their partner could contribute up to $360,000 to their super, if they meet the relevant non concessional contribution rules.. If their partner is not yet of pension age their super will be exempt from the assets test. This could mean someone that was previously ineligible for the age pension might now receive a part pension and the Pensioner’s concession card, while a part pensioner will most likely receive more age pension. It is important, however, that you understand the requirements and we suggest you speak to a financial adviser to ensure this approach is right for your financial circumstances.
We would love to hear your comments which you can make below
This article is provided by Retirement Essentials Representative Number: 001260855. We are an authorised representative of SuperEd Pty Ltd ABN 88 118 480 907 AFSL #468859. This information is not intended as financial product advice, legal advice or taxation advice. It does not take into account your personal situation, goals or needs and you should assess your own financial situation, consider if the information is suitable for you and ensure you read any relevant Product Disclosure Statement (PDS) if you choose to make any changes to your financial situation. It is always advisable to consult a financial adviser before making financial decisions.
Hi Wade, if you or anyone else reading would like to talk about your situation in detail, we offer 30min consultations at a cost of $75. We can clarify how Centrelink will assess you specifically and help guide you on any related matters that might impact your Age Pension. If you wish to proceed please CLICK HERE to book the best suitable time available.
I have retired on half pension as a result of transferring super to my wife as suggested. My wife will be 67 this year but if she applies for a pension neither of us will get a pension due to our combined super. My question is what will happen if my wife does not apply? Thank you Richard
Hi Richard. Once your wife reaches Age Pension age (67) her super is assessable, even if it is still in accumulation mode, and should be declared to Centrelink. Centrelink are likely to find this out regardless of whether your wife also applies for the Age Pension.
My husband has just retired & I am 9 years younger than him & still work I earn 700 dollars a week can he still get age pension. he has 150.000 in Super & we own our home
Hi Bev, based on those figures yes he would be eligible.
I am soon to be 67. My wife is 62. What is the cut off point for what May wife can earn before it affects my aged pension when and if I get the pension
Hi Patrick, as a couple you are allowed to earn up to $372 per fortnight (combined) before the pension may be impacted. However assessable income is more then just employment earnings, there is deemed income from your financial assets that is assessed also.
my husband is 67, I am 56. I am still working 30 hours a week as a teacher aide. my husband has been told that he is able to get $300 a fortnight as his aged pension due to my age. how much am I allowed to earn so that he can receive the full pension?
Hi,
I am on the age pension and my wife is 12 years younger than me.
We have separated and been apart for a short time living separately but no division of assets has been done. If we choose to leave assets as is would this effect my age pension.
She will have to get a job earning her own money does this effect my age pension in any way?
Hi Stephen, if you are separated then only your income will be assessable, not hers. With assets it depends on what type of assets, things like personal contents would generally have a low value ($10K) anyway so are not of much impact but if there are jointly owned vehicles or bank accounts then only your share is assessable but Centrelink may question if you really are separated if there are still shared financials.
Hello. I will be 67 in November. My wife is younger, not Australian, and lives overseas at present to care for her mother. We/She intends to apply for Australian residency in the near future, but it may take a number of years for approval. She does earn a small amount of money. How does this affect my age pension application? Thank you.
Hi Greg, your wife’s income and assets will be assessable the same as yours even if she is not an Australian resident.
Hi . I’m 67 and my wife is 9 years younger than me and still working 9 days a fortnight. I have aged pension card but most reporting periods are not eligible for any payment. what is the earning threshold before affecting my payment. PS I have 150K super
Hi Wayne, the current income threshold you need to be under as a couple to receive any pension payment is $3,737 per fortnight.
Hi there. I am 70 and have applied for pension. my partner(who has retired) is under pension age but she is considering changing her super accumulator fund to a retirement pension fund. I know my super is included in assets test but not hers while in an accumulator fund. But once it is transferred to a retirement pension fund the amount would be taken into account. my question is whether the amount of her super say $250000 would then become an asset under the assets test or be part of the income test for the amount she takes out each fortnight.
Hi Colin, Centrelink assess account based pensions as assets based on the total balance, similar the bank accounts, the amount being drawn down does not count as income.
Hi Steven,
I will be 67 next year and plan to retire and my wife will be 62 and working earning approx $115K. We own our home I will have approx $330K in super which I don’t intend to access, my wife a similar amount and we receive income from a $440K investment , which at the moment is in joint names but could be put in her name. Will I be eligible for a part pension
Hi Alan, based on those figures no you would not be eligible because the max you can earn as a couple is $97K so your wife’s salary exceeds that let alone deemed income from the financial assets.
Sorry if the question was answered before. We are non-homeowners (about to relocate to start building) with assets under an assessable area, and I hope to earn about 11,000 per year as an accredited counsellor to a small group of clients weekly; my partner (60) will work at building our home along with his own business – we expect his will earnings will reduce to about 20000 per year whilst building. My question is, am I, as the aged pensioner (67), eligible for a work bonus?
Hi Kerrie, in order to receive the Work Bonus you must be receiving the Age Pension (meaning you are under the income threshold without using the work bonus to reduce your earnings) and be earning employment income. Based on the information you have shared we believe you would be eligible for the pension and then Work Bonus too.
My wife will turn 67 next year, retired many years ago. I am 62 & plan to retire soon. I believe that I can access some of my Super but leave the majority in Accumulation and it will remain exempt from Centrelink assets test. Is that correct?
HI Neil, yes you are correct. Whilst you are under Age Pension age and your super is in accumulation it is exempt from assessment.
Thanks Steve. The various requirements are a minefield. I have worked in finance for over 40 years. Have to feel sorry for people who don’t have an aptitude for jumping through hoops.
Hi, I will be applying for the age pension in November I turn 67 end of January. I have worked out my figures and believe I will be eligible for full age pension. my partner is 65 and is on jobseeker I am confused about how much he will receive on jobseeker when I go to age pension. is it $372.00 or the full amount of jobseeker $860 fortnight ?
Hi Michelle, great work planning ahead to know when you can apply and how much you will be eligible for! We don’t work with Jobseeker claims so are not certain on the criteria but generally Centrelink payments do not impact other Centrelink payments. For eg, his Jobseeker payments will not impact your Age Pension assessment.
my husband pullans?n to retire soon his 67 years old , i haven’t been working for 2 years on income protection , it ends soon cant work because off my illness , so when his age pension. wll they make me pension
My husband is 75 and retired on August 05th, 2024. I am 56 yo. I work a couple of days a week, sometimes I earn $2K + sometimes just $300. It just depends on how many clients I have (cosmetic Injectables). My husband has approximately $450K in Super and I have approximately $400K. We own our own home and have about $150K in savings. We don’t have any other investments. Can my husband transfer his super to mine and if so would he be eligible for any pension?
My husband is nearly 67 and wanting to apply for the age pension. I’m 58 and work as a relief teacher occasionally. I have no set time or contract. I usually work 1 or 2 days in the school week.
If my husband gets a part pension do I have to commit to working 15 hours a week paid or voluntary or be actively looking for work until I decide to retire?
Hi Salli-Jane, thankfully the Age Pension has no set requirement, you can work as much or as little as you like but please note that any income you earn will be assessed for your husband’s Age Pension payments so it could reduce what he is eligible to receive.