Pension Age to remain at 67

One of the first announcements made by the new Prime Minister has been in relation to the pension age for entitlement to the Government’s Age Pension.  The previously announced policy of the Government was to gradually increase the pension age from 67 to 70 (to be achieved in or around 2035).  

Now the new PM has determined that the pension age will remain at 67. Consequently the pension age will be 67 years old for anyone born on or after 1 January 1957.

For males born before 1 January 1957, an earlier pension age will apply as follows:

•    born before 1 July 1952  -  65;
•    born between 1 July 1952 to 31 December 1953 -  age 65 and 6 months;
•    born between 1 January 1954 to 30 June 1955  -  age 66; and
•    born between 1 July 1955 to 31 December 1956  -  age 66 and 6 months.

For females born before 1 January 1957, an earlier pension age will apply as follows:

•    born between 1 January 1949 to 30 June 1952  -  65;
•    born between 1 July 1952 to 31 December 1953 -  age 65 and 6 months;
•    born between 1 January 1954 to 30 June 1955  -  age 66; and
•    born between 1 July 1955 to 31 December 1956  -  age 66 and 6 months.

Females born before 1 January 1949 will have a pension age which is less than 65 (but not less than 60).

The current pension ages are set in legislative concrete in s23(5A), (5B) and (5C) of the Social Security Act 1991.