Age Pension: March 2010 rates now available

The new Age Pension rates, taking effect from 20 March 2010 are set out in the tables below. Note that ‘pf’ stands for ‘per fortnight’. The Age Pension rates are adjusted twice-yearly – in March and September.

Age Pension rates

Source: Centrelink

Age Pension transitional rules: Due to a tightening of the Age Pension income test from 20 September 2009, the Government introduced a transitional Age Pension rate to protect the entitlements for existing pensioners as at 20 September 2009 (affecting about 30% of Age Pensioners). Without the introduction of a transitional rate, some individuals would have faced a cut in payments. Affected Age Pensioners will remain on the transitional rate (plus allowances) until they are better off under the new rules that came into effect from 20 September 2009.

The new transitional rate is indexed to the Consumer Price Index (CPI) increases in March and September. According to Centrelink, the notional maximum pension for transitional rate pensioners from 20 March 2010 is $634.30 per fortnight for a single pensioner and $1,024.60 per fortnight combined for pensioner couples. This rate excludes Rent Assistance.

Note: If you’re on the transitional Age Pension rate, you will be assessed under the old and new rules, until Centrelink assesses that you will be better off under the new rules. Once Centrelink determines that you’re better off under the new rules, you will then be permanently subject to the new rules. According to one of our readers, his research indicates that most individuals on the transitional Age Pension rate will revert to the regular rates by September 2010.

Age Pension basic rates – transitional rules

Source: The information contained in these tables was sourced from Jenny Macklin’s website. Jenny Macklin is the Minister for Families, Housing, Community Services and Indigenous affairs.

Many of the rates and thresholds that are linked to the Age Pension were also adjusted as on 20 March 2010. Click on this link to find the latest indexed rates (as at 20 March 2010) for the following rates and thresholds:

• Age Pension income test
• Age Pension assets test
• Pension Bonus Scheme
• Allowances
• Rent assistance

Related articles:

1. Age Pension: September 2009 rates and thresholds now available
2. New income test for Age Pension
3. Age Pension: I have moved states. Do I get the same amount of pension regardless of where I live?
4. $32 per week increase in single Age Pension
5. Budget flags radical changes to Age Pension