age pension increase march 2017
The current qualification age for the Age Pension is 65 years. From 1 July 2017, this will rise by six months every two years until it reaches 67 by 1 July 2023.There are plans by the current government to further increase the Age Pension qualification age to 70.The current rate of a full single Age Pension, including the Pension Supplement and Clean Energy Supplement is $22,542 per annum.he amount of Age Pension paid is indexed twice a year, in March and September, in line with the rise in Consumer Price Index (CPI) or the Pensioner and Beneficiary Living Cost Index (PBLCI), whichever is greater. The Government also changed the way in which the increase in State Pension age is phased so that rather than reaching State Pension age on a specific date, people born between 6 April 1960 and 5 March 1961 will reach their State Pension age at 66 years and the specified number of months. December 1952 – 5 January 1953. 6 January 1953 – 5 February 1953. 6 February 1953 – 5 March 1953. 6 March 1953 – 5 April 1953. Changes under the Pensions Act 2011 Under the Pensions Act 2011, women’s State Pension age will increase more quickly to 65 between April 2016 and November 2018. It will be paid only to new pensioners reaching state pension age from 6 April 2017 and, for them, do away with the need for the pension credit system.The self-employed will benefit, as they tend to get a lower state pension.t will be paid only to new pensioners reaching state pension age from 6 April 2017 and, for them, do away with the need for the pension credit system. The self-employed will benefit, as they tend to get a lower state pension. Media caption Pensions Minister Steve Webb: People will retire with a single, simple, decent state pension. A new flat-rate state pension likely to start in April 2017 will be outlined by the government on Monday. The weekly payment will be £144, plus inflation rises between now and 2017.t will be paid only to new pensioners reaching state pension age from 6 April 2017 and, for them, do away with the need for the pension credit system. The self-employed will benefit, as they tend to get a lower state pension. A new flat-rate state pension likely to start in April 2017 will be outlined by the government on Monday.The weekly payment will be £144, plus inflation rises between now and 2017.t will be paid only to new pensioners reaching state pension age from 6 April 2017 and, for them, do away with the need for the pension credit system. The self-employed will benefit, as they tend to get a lower state pension. On the upside, according to the government, around 50,000 lucky Australians will receive the FULL Age Pension (rather than their current PART Age Pension entitlement) due to an increase in the assets-test free area threshold, effective from January 2017.he stricter Age Pension assets test will operate as follows: The taper rate for the assets test, which determines how much Age Pension you receive, will reduce your Age Pension entitlement by $3 a fortnight for every $1000 of assets you own over the full Age Pension threshold, taking effect from 2017. 6 December 1952 – 5 January 1953. 6 January 1953 – 5 February 1953. 6 February 1953 – 5 March 1953. 6 March 1953 – 5 April 1953. Changes under the Pensions Act 2011 Under the Pensions Act 2011, women’s State Pension age will increase more quickly to 65 between April 2016 and November 2018.From December 2018 the State Pension age for both men and women will start to increase to reach 66 by October 2020. December 1952 – 5 January 1953. 6 January 1953 – 5 February 1953. 6 February 1953 – 5 March 1953. 6 March 1953 – 5 April 1953. Changes under the Pensions Act 2011 Under the Pensions Act 2011, women’s State Pension age will increase more quickly to 65 between April 2016 and November 2018. The amount of Age Pension paid is indexed twice a year, in March and September, in line with the rise in Consumer Price Index (CPI) or the Pensioner and Beneficiary Living Cost Index (PBLCI), whichever is greater.Pensions are then benchmarked against a percentage of the Male Total Average Weekly Earnings (MTAWE).he amount of Age Pension paid is indexed twice a year, in March and September, in line with the rise in Consumer Price Index (CPI) or the Pensioner and Beneficiary Living Cost Index (PBLCI), whichever is greater. The Federal Treasurer confirmed Government policy is that from July 2025, the qualifying age to receive the Age Pension will continue to increase from 67 years, by 6 months every 2 years, reaching 70 years in July 2035.ge pension assets test. Access to the age pension is limited according to an assets test. Assets test limits are updated in March, July and September each year. Note the Budget 2015 changes taking effect from 1 January 2017 (see above).  In April 2015 Categories A, B and D basic State Pensions were increased by 2.5%, in line with the government’s guarantee to base annual increases in the basic State Pension on a ‘triple guarantee’ of earnings, prices (judged by the Consumer Prices Index) or 2.5%, whichever is highest.actsheet 19  April 2015 6 of 47 State Pension 5 State Pension age You can claim your State Pension when you reach State Pension age. Before April 2010 State Pension age was 65 for men and 60 for women. Since 6 April 2010 women’s State Pension age has been increasing for those born on or after 6 April 1950.
The taper rate for the assets test, which determines how much Age Pension you receive, will reduce your Age Pension entitlement by $3 a fortnight for every $1000 of assets you own over the full Age Pension threshold, taking effect from 2017.