In order to qualify for the Aged Pension you must have reached Aged Pension Age (currently 65 for men and 63 for women) and have at least 5 years continuous Australian residency and at least 10 years aggregate Australian residency.
It is possible for you to receive some Aged Pension Benefit (if you are of pensionable age - see below) even if you own your own home and have around $880,000 in superannuation.
Means Testing
Even if you have reached Pensionable Age and satisfy the residency criteria to qualify to receive an Aged Pension, you must still pass a means test (called an Assets Test and Incomes Test). Both these tests are applied and the test that produces the lowest Aged Pension Benefit applies. The Assets and Incomes Tests are discussed in the enclosed tabs.
Payments Rates
The maximum Government Aged Pension Benefit that you can receive is detailed below:
Single $16,749.20 pa
Couple (each) $12,625.60 pa (each) ie $25,251.20
Pensioner Concession Card
In addition to receiving income from the age pension, receiving at least $1 of age pension entitles a person to the Pensioner Concession Card, which may provide for:
> Reduced cost of medicines under the Pharmaceutical Benefits Scheme (PBS).
> Reductions in property and water rates.
> Reductions in energy bills.
> Reduced fares on public transport.
Centrelink
For further information about receiving an Aged Pension, including an application form contact your Centrelink Office.
*The above rates are effective from 20 March 2010.
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