What is the Age Pension?
The Age Pension is a social security benefit designed to provide an adequate retirement income for recipients. Males can apply for the Age Pension once they reach 65. The eligibility age for females is based on a sliding scale and is gradually being increased. By 2014, women born on or after 1 January 1949 will only be eligible when they reach 65.
The amount of pension you receive will depend on your income and asset levels. The Age Pension is treated as taxable income and pension rates are indexed in March and September each year according to the Consumer Price Index.
What is the Service Pension?
The Service Pension is managed by the Department of Veterans’ Affairs. It provides income support to eligible veterans on the grounds of age or invalidity and to eligible partners, widows or widowers.
Service Pension rates are the same as those for the Age Pension, and are generally assets/income tested in the same way.