What is the Government age pension

The Government Age Pension is a regular, periodic payment made to eligible persons by the Government.

The Age Pension can supplement your superannuation and any other investment income you may have in retirement.

The current rate (at 20 March 2010) for a full pension is:

• Single: $701.10* per fortnight
• Couple: $571.40 each* per fortnight

^{Please note: * This payment includes a pension supplement that is currently: single $56.90 couples $85.80 each.}

The non-cash benefit of qualifying for a pension includes access to a Pensioner Concession Card which provides lower cost medicines and health care services.

To be eligible for a full or part pension, you will need to satisfy certain requirements set by the Government:

• You must have reached age 65 if you are a man and be above certain qualifying ages for women;
• You must be an Australian resident and have lived here for 10 years (note: some exceptions apply); and
• Your income or assets must be below certain limits.

It's important to note that Age Pension payments are not backdated. You should apply to Centrelink as early as possible and you can, in fact, apply up to three months before you are actually eligible.