Age Pension eligibility
Go between the options
What is the Age Pension assets test?
The Centrelink assets test is one of the ways the government works out if you can get the Age Pension. It tests what you own (assets) against the limits, including super.
If you’re over the limits, you might miss out on the Age Pension. You’ll need to meet the other eligibility for Age Pension too.
What's included in the assets test?
Super account balance
Money in a bank account
Financial investments (e.g. shares)
Cars and other vehicles
Home contents or household items
Real estate/property (not including your home)
Annuity or pension from superannuation
Gifts you give or sell for less than market value
Businesses or partnerships/trusts
Inheritance from a deceased estate
Age Pension asset limits
Check the cut-off points for the assets test. If the total of what you own is within these limits, you might be able to get the full or part Age Pension.
Centrelink uses 2 tests – the income test and assets test. They base their decision on whichever test gives you a lower Age Pension payment.
Homeowner
Swipe to view table
| Full pension | Part pension | No pension | |
|---|---|---|---|
| Single | $0–$301,750 | $301,750–$667,500 | >$667,500 |
| Couple living together | $0–$451,500 | $451,500–$1,003,000 | >$1,003,000 |
| Couple living apart because of illness | $0–$451,500 | $451,500–$1,183,000 | >$1,183,000 |
| Couple where only one person is eligible | $0–$451,500 | $451,500–$1,003,000 | >$1,003,000 |
Non-homeowner
Swipe to view table
| Full pension | Part pension | No pension | |
|---|---|---|---|
| Single | $0–$543,750 | $543,750–$909,500 | >$909,500 |
| Couple living together | $0–$693,500 | $693,500–$1,245,000 | >$1,245,000 |
| Couple living apart because of illness | $0–$693,500 | $693,500–$1,425,000 | >$1,425,000 |
| Couple where only one person is eligible | $0–$693,500 | $693,500–$1,245,000 | >$1,245,000 |
Source: Centrelink (Services Australia), 2023. These are the limits at 26 October 2023. Centrelink updates assets limits several times a year in line with inflation (CPI). The figures for couples are a combined total (not per person).
FAQs about the pension asset test
How is my super counted in the pension asset test?
The way the assets test measures your superannuation depends on what you do with it.
- Your total super balance in all your accounts counts as an asset.
- If you buy an income stream, such as our Retirement Income account, Centrelink counts all the super you use to start the account as an asset.
- But it’s different if you buy a retirement income stream product, like our Lifetime Pension. Centrelink only counts 60% of the super you use to start this product as an asset.
Is my home included in the asset test for the Age Pension?
No, if you own the home you live in, Centrelink doesn’t usually include it in their assets test.
But that’s not always the case. Here’s when Centrelink does count your home as an asset:
- If you move to a retirement village, Centrelink might count your entry payment as an asset. It depends how much you paid.
- If you move from your home to aged care (so your home is empty).
- If you use part of your home to run a business. Centrelink counts this part only.
- If your property is larger than 2 hectares and isn’t a farm or primary producer. Centrelink counts the land over 2ha.
What is not included in the assets test?
Sometimes the Age Pension assets test doesn’t include certain of things you own or money you get. Centrelink calls these exempt assets.
Here’s what assets are exempt from Centrelink:
- Income support payments from life insurance, reversionary beneficiary, etc.
- Compensation and insurance payouts
- NDIS amounts and interest
- Pre-paid funeral expenses
- Exempt funeral investments
- Pre-paid burial plots
- Accommodation bond you pay to go into hostel care or other aged care services
- Refundable deposit you pay to go into a residential aged care home
- Refunded accommodation bond for high level residential aged care (nursing home) between 1 October and 5 November 1997
- Payments for Australian prisoners of war.
Continue checking your eligibility
The assets test is only one part of the Centrelink eligibility test to see if you can get the Age Pension. Make sure you check the other factors as well.
Next: Income testor if you missed it, check the Starting age
Ready to make a plan?
If you’re confident you understand your eligibility, here’s what you can do next.
Choose when to retire
If you already know what age you can get the Age Pension, check the age you can access your super. It’s time to think about when you can start enjoying life after work.
Get advice
Need help planning your retirement? You can get financial advice about your account as part of your membership.
Also check the average super balance for your age, how much you'll need to retire, and how to grow your super.
Apply for other government benefits for seniors
Some other benefits (apart from the Age Pension) to help retirees include:
- Seniors Card, which gives access to a wide range of both government and non-government products and services. For example, discounted public transport (if eligible).
- Commonwealth Seniors Health Card, which could get you cheaper prescriptions and other government-funded medical services. You need to meet the health card's income test, which lets you earn more income than the Age Pension. The health card doesn't have an assets test.
- Other types of pensions such as the Pensioner Concession Card, Disability Support Pension, Carer Payments/Allowances, and the Pension Loans Scheme.
Get your super assets working for you
When you retire with our award-winning products, you can mix and match to create the best combination with your super. And the Age Pension, too, if you can get it.
You are: Under 65, at the age you can get your super, but not yet retired.
You get: Regular payments from your super while still working.
You are: 65 or over, or you've reached the age you can get your super and permanently retired.
You get: Tax-free payments from your super as long as you have a balance.
You are: From 60 up to your 80th birthday and permanently retired.
You get: Tax-free fortnightly payments for the rest of your life.