How Lifetime Pension and the Age Pension work together

Our Lifetime Pension is designed to work together with the Age Pension, to give you more financial security in retirement.

Age Pension assets test and income test

Not all of your money that you use to purchase a Lifetime Pension is counted towards Centrelink's income and assets tests. This means you could receive the Age Pension if you were otherwise not eligible, or receive higher Age Pension payments than you previously qualified for.

Here's how our Retirement Income account and Lifetime Pension count towards the income and assets tests when Centrelink assesses your eligibility for the Age Pension:

Income test Assets test
Retirement Income account Deemed income based on balance Current balance
Lifetime Pension 60% of the income received 60% of the initial purchase price until life expectancy,1 then 30% onwards

Case studies

These hypothetical examples help explain the potential benefits of using a Lifetime Pension together with the Age Pension.2

Walter's story

Walter is 67 years old and plans to retire next year. He has total assets of $625,000 and would not normally be entitled to receive the Age Pension.

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Betty and Geoff's story

Betty and Geoff are both 67-year-old retired teachers, with a combined $930,000 in super.

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Gita and Vijay's story

Gita and Vijay are retired healthcare workers with a combined $800,000 in super. They qualify for a part pension but may lose this benefit when their super is performing well.

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Retirement Calculator

Find out how much extra you could get from the Age Pension (if eligible) using a combination of different retirement income products.

FAQs about the age Pension and Lifetime pension Show all Hide all

The maximum base rate you can get from Centrelink's Age Pension in 2020-21 are $860.60 per fortnight for a single person or $1,297.40 per fortnight for a couple (unless living apart because of ill health). A part pension is less than this amount.

In addition, there are pension supplements available to help with the cost of living.

Using a QSuper Lifetime Pension in retirement could make you eligible for a part or full Age Pension.

To be eligible to receive the Age Pension, you must be 66 or 67 years old, depending on your date of birth.

Date of birth Age Pension age3
1 January 1954 - 30 June 1955 66 years
1 July 1955 - 31 December 1956 66 years and 6 months (will change on 1 July 2021)
1 January 1957 onwards 67 years (will change on 1 July 2023)

When you can access your super is different to when you can access the Age Pension.

As at 1 July 2020, the Age Pension assets test means a single person can have up to $583,000 in assets if you own your home, or $797,500 if you don't own a home.

A couple can have up to $876,500 for homeowners, or $1,091,000 for non-homeowners, with a higher threshold for couples who are living apart because of ill health.

Note that assets includes more than just money in the bank or your super; it also includes other things you own like your home contents, car, or caravan.

1. Under the means test rules, 60% of the purchase price is assessed until you reach the life expectancy for a 65-year-old male, which is currently 84 years old. See the Australian Bureau of Statistics for the latest life expectancy figures.
2. This case study is provided for illustrative and educational purposes only, and the members shown are not real. Additionally, figures may be rounded for ease of understanding. Members should seek advice from a qualified licensed professional, regarding their own circumstances.
3. See Services Australia's Centrelink page as at 23 February 2021.