To be eligible for Age Pension you must be Age Pension age and meet some other rules.
On 1 July 2021, Age Pension age increased to 66 years.
You need to satisfy these three requirements before claiming age pension:
- Residence rules: On the day you claim Age Pension generally you must be an Australian resident and in Australia.
- Assets test: Centrelink will assess all asset types as part of the assets test. How much they can pay you depends on the value of your assets and if you’re in a relationship.
- Income test: Centrelink will assess your and your partner’s income from all sources. This includes financial assets such as superannuation.
Source: Service NSW