Applying for the age pension
Media Super has merged with Cbus. Therefore, when you open a Transition to Retirement (TTR) or Super Income Stream (SIS) account, you’ll be welcomed into the Cbus Super fold.
What is the Age Pension?
The Centrelink Age Pension is an income support payment that helps give older people a sufficient standard of living in retirement. To start receiving it, you need to apply to Centrelink first. They’ll check your eligibility and confirm how much you can get.
Eligibility for the Age Pension
You must meet minimum age requirements to receive the Age Pension. Your eligibility for the Age Pension also depends on the value of the assets you own, the income you earn, and other individual circumstances.
When you receive retirement income from your super, you may still be eligible for the government Age Pension
Generally, you may still be able to receive the age pension along with your regular payments from a Cbus SIS account. However, it is important to note that:
- The balance of your SIS account may count toward the Centrelink assets test, and
- Any payments you receive from your SIS account may be considered in the Centrelink income test.
As the rules can be quite complex, we recommend you seek advice from a financial adviser before commencing a SIS account.
Maximum Age Pension payments
The maximum pension rates payable under the age pension are summarised below. Your eligibility for the age pension and your applicable rate will depend on your own individual circumstances.
| Singles | Couple combined | |
| Maximum basic rate | $1,047.10 | $1,578.60 |
| Maximum Pension supplement | $83.20 | $125.40 |
| Energy Supplement | $14.10 | $21.20 |
| Total | $1,144.40 | $1,725.20 |
As at September 2024
Visit Centrelink for current rates and more information.
How to apply for the Age Pension
Applications for the Age Pension are handled via Centrelink:
- Online- through your MyGov account
- In person - visit a Centrelink Service Centre
You can apply 13 weeks before you reach your Age Pension age. But it’s a good idea to start early and get your documents ready. You'll need to supply a range of information including:
- Your age and identity
- Your bank account details
- Your tax file number
- Proof of your Australian residence, if you’ve lived outside Australia
- If you’re a member of a couple
- Your income and assets.
Detailed information on the Age Pension application process can be found on the Centrelink website.
Need help applying for the Age Pension?
Retirement Essentials
We are proud to partner with Retirement Essentials, experts in simplifying the Age Pension and Commonwealth Seniors Health Card application process for you.
Get a free eligibility calculation, with a fee payable when you finish your application.
You can complete your application online from the security of your own home with back-up telephone support if you need it.
Learn more about retirement essentials.
Advice Services for members
It’s no additional cost and our advisers can help you understand your options, what you need to consider before making any changes and provide a personal recommendation on topics like which investment option to choose, super contributions or starting a Super Income Stream.
About the income test
Income from employment (including salary sacrifice), some pension and annuity payments, deemed income from investments and income from outside of Australia are all included in the income test.
For Singles
Income per fortnight
Pension reduced by
Up to $212
$0
Over $212
50 cents for each dollar over $212
As at September 2024
Visit Centrelink to learn more about how the income test works
For Couples
Combined income per fortnight
Pension reduced by
Up to $372
$0
Over $372
25 cents for each dollar over $372
As at September 2024
Visit Centrelink to learn more about how the income test works
Work Bonus
The Work Bonus provides an incentive for pensioners over Age Pension age to work, should they choose to do so, by allowing them to keep more of their pension when they have income from working.
Under the Work Bonus, the first $300 of fortnightly income from work is not assessed as income under the pension income test. Any unused amount of the fortnightly $300 Work Bonus will accumulate in a Work Bonus income bank, up to a maximum amount of $11,800.
Newly eligible pensioners will have a starting Work Bonus balance of $4,000.
Visit Services Australia to learn more about Work Bonus eligibility.
About the assets test
Different asset test limits apply for homeowners and non-homeowners. Assessable assets over the lower threshold reduces the full Age Pension amount you may receive.
Assets test limits: Homeowner (own or paying off a home)
For homeowners, the house you currently live in is not considered an asset.
Per fortnight
Full Pension if assets are less than the lower threshold of:
No Pension payable if assets are more than the upper threshold of:
Single
$314,000
$695,500
Couple combined
$470,000
$1,045,500
A couple, separated due to illness, combined
$470,000
$1,233,000
As at September 2024
Visit Services Australia to learn more about how the assets test works
Assets test limits: Non-homeowner (renting or living in rent free accommodation)
Assets test limits – Non-homeowner (renting or living in rent free accommodation)
Per fortnight
Full Pension if assets are less than the lower threshold of:
No Pension payable if assets are more than the upper threshold of:
Single
$566,000
$947,500
Couple combined
$722,000
$1,297,500
A couple, separated due to illness, combined
$722,000
$1,485,000
As at September 2024
Visit Services Australia to learn more about how the assets test works
How to apply
- Online - through your myGov account
- In person - visit a Centrelink Service Centre
Retirement Essentials
We are proud to partner with Retirement Essentials, experts in simplifying the Age Pension and Commonwealth Seniors Health Card application process for you.
You can complete your application online from the security of your own home with back-up telephone support if you need it.
Advice Services for members
Call and speak with an adviser today. It’s no additional cost and our advisers can help you understand your options, what you need to consider before making any changes and provide a personal recommendation on topics like which investment option to choose, super contributions or starting a Super Income Stream.