The new age pension rates came into effect on Monday 20th September. Nearly 4 million Australians get some support from the age pension so the increase to their fortnightly pension payments will be very welcome. The new rates are shown below.
Centrelink determines your entitlements under both an assets test and an income test. Unfortunately the amount of pension you receive is based on whichever of the two tests gives the lower result. The asset and income test thresholds are shown below.
It is always worth staying on top of what you are entitled to receive and checking your eligibility if you aren’t yet receiving anything. You can do this on our free entitlements eligibility calculator. The calculator will tell you if you are eligible for the age pension and how much you are entitled to receive; if you are eligible for the Commonwealth Seniors Health Card and when you are eligible to apply for the age pension or health card. You can find the calculator here.