Couple (each): $645.60 per fortnight (approximately $16,786 per year) – an increase of $24.80 per fortnight. Couple (combined): $1,291.20 per fortnight (approximately $33,571 per year) – an increase of $49.60 per fortnight.
From 20 September 2022 a pensioner couple could earn $336 a fortnight combined and still be eligible for the full pension of $1,547.60 a fortnight, including all supplements. They can also earn $460 a fortnight each from personal exertion – this is not included in the income test.
For example, if you are a single homeowner you can get a full pension with an asset limit of $270,500. As a couple with a home and combined assets your limit is reached at $405,000 to receive a full pension.
Latest Age Pension rates (from 20 September 2022)
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple.
To receive the most Age Pension, your fortnightly income needs to be under $190 if you're single. Or, under $336 (couple combined) a fortnight if you're in a couple that lives together, or apart due to ill health2.
There are no longer any special state pension arrangements for married couples. Each partner in the marriage or civil partnership needs to build up their own state pension through qualifying years, and cannot benefit from their spouse's state pension (which will cease when that person dies).
That means the full new state pension will rise from £185.15 to £203.85 per week (£10,600/year); the old state pension will go up from £141.85 to £156.20 per week (£8,122/year).
DWP benefits that are linked to inflation rise by 10.1% in April 2023, as do the basic and new State Pension. Inflation-linked tax credit elements and benefits administered by HMRC are also expected to rise by 10.1%.
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $29.40 per person per fortnight for a couple.
Can I Get the Pension if I Have Super? Having superannuation savings does not deny you from receiving Age Pension payments. Eligibility for the Age Pension is based on an Assets Test and an Income Test.
The amount of money you receive from the age pension you receive depends on your age, wealth and income. It can be affected by the amount of money you have in your bank account as well as in your super fund.
We estimated that most people looking to retire around age 65 should aim for assets totaling between seven and 13½ times their preretirement gross income.
You do need to lodge a tax return if: Centrelink is withholding any tax from your aged pension payment. If Centrelink does withhold tax from your aged pension payment; this will be noted on your PAYG summary. If there is any amount of tax withheld listed on your PAYG summary, then you should lodge a tax return.
In addition to funds received that are held in a financial investment, the value of insurance or compensation payments that have been applied to build, repair or renovate the building or plant can be exempt from the assets test.
As a temporary measure introduced in September 2022, age pensioners will be able to earn an extra $4000 this financial year. They can now earn a maximum income of $11,800 before penalties kick in.
A person must reside in Australia at the time of the claim and have 10 years of continuous residence (5 continuous years if the total residence period exceeds 10 years). The Age Pension age is not an official retirement age. There is no official retirement age in Australia.
Pensioner households will receive an extra £300 Pensioner Cost of Living Payment this year to help them cover the rising cost of energy this winter. If you are entitled to a Winter Fuel Payment for winter 2022 to 2023, you will get this extra £300 paid with your normal payment from November 2022.
Lower-income pensioners who claim pension credit will receive the money in addition to the £650 support for those on benefits. This means a small group of pensioners with disabilities will receive a total of £1,500.
Means-tested benefits claimants, including those receiving Pension Credit, Universal Credit and tax credits, will receive £900 in 2023-24 to help with the rising cost of living.
How much State Pension will I get? The latest change announced was a 3.1% rise which came in with the new tax year – starting on 6 April, 2022.
Do you pay tax on your pension? You pay tax on your pension if your total annual income adds up to more than your Personal Allowance.
Deferred new State Pension
You will get about 5.8% increase in your State Pension for every year you defer compared to the previous system which stood at 10.4%. The new State Pension, however, does not allow you take the deferred amount as a lump sum.
Many married women are entitled to a basic state pension at 60 per cent of the full rate because of their husband's record of National Insurance (NI) Contributions in circumstances where their own record of NI Contributions would provide a lower pension.
Any dependant's pensions that are due are usually paid to the member's legal spouse or registered civil partner. Some, but not all, schemes might pay the pension to a partner, with whom the deceased member was living when they died, who was financially dependent on the member.