Age Pension Age to increase to 67
13 May 09The age pension age will be gradually increased to 67 years of age. The new pension changes will apply to new pension entrants from 1 July 2017, which will mean that it applies to people who are 57 years of age or younger on July 2009.
The following table indicates the new age pension ages:
|
Date |
New age pension age |
Affects people born |
When group reaches new age pension age |
|
1 July 2017 |
65 years and 6 months |
1 July 1952 to 31 December 1953 |
1 January 2018 to 30 June 2019 |
|
1 July 2019 |
66 years |
1 January 1954 to 30 June 1955 |
1 January 2020 to 30 June 2021 |
|
1 July 2021 |
66 years & 6 months |
1 July 1955 to 31 December 1956 |
1 January 2022 to 30 June 2023 |
|
1 July 2023 |
67 years |
From 1 January 1957 |
From 1 January 2024 |
The reform to the age pension arose out of the Pension Review Report which was also released in tonight's budget.
The income test cut off threshold will reduce down from $47,444 to $38,693 for singles and from $72,423 to $59,228 for couples combined.
Existing part pensioners affected by the income test will have a transitional safety net apply allowing them to keep existing entitlements, maintained in real terms, plus an increase of $10.14 per week for singles or couples combined.
They will continue to receive these existing entitlements, including the increase, until they are better off under the new pension rules.
