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What you need to do
We’ll invite you to apply to transfer to Age Pension 13 weeks before you’re Age Pension age. You need to tell us if you:
- want to transfer or not
- have superannuation.
If you don’t do this, we may stop your current payment once you turn Age Pension age.
We’ll send the invitation to your online account if you have one. If you don’t, we’ll post the invitation and form to you. We’ll fill in the online transfer or form with details we already know about you.
What the benefits are for Age Pension
If you transfer to Age Pension, you’ll get a Pensioner Concession Card.
You may get a higher rate of payment and more generous income and assets tests.
We exempt more land from the assets test if you have lived on a single land title covering more than 2 hectares for 20 years or more.
You won’t be affected by an income maintenance period if you get an employment termination payment.
Some of these factors may change based on your individual circumstances. If you intend to travel, compare the rules for Parenting Payment with those for Age Pension.
If you continue working while getting Age Pension, you’ll have access to the Work Bonus. This is an incentive for older Australians to participate in the workforce by offsetting some of your income.
What happens if you stay on Parenting Payment
If you stay on Parenting Payment, you may:
- get the Pensioner Education Supplement if you’re single and study
- get the Education Entry Payment if you study
- access participation support services
- get the higher rate of Mobility Allowance.
- qualify for Additional Child Care Subsidy Transition to Work.
If you get the Pension Supplement you’ll still get Parenting Payment. Parenting Payment may increase depending on your circumstances.
If you don’t already get the supplement, you’ll automatically get it once you reach Age Pension age.
We’ll pay the supplement to you with your regular fortnightly payment of Parenting Payment. The supplement replaces the following allowances:
How to confirm your decision
You need to complete the online task or return the form we send you and confirm you want to either:
- transfer to Age Pension
- stay on Parenting Payment.
You also must tell us about any superannuation you have.
Read more about applying to transfer to Age Pension.