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The 20 September 2026 Age Pension changes — are you better off, or worse off?
If you receive the Age Pension, or you're close to qualifying, here's what changed on 20 September 2026: pension payments, deeming rates and asset thresholds are reviewed every indexation date — check the cards below for what actually moved this time. For most pensioners that adds up to a small win. But for some, particularly those with significant financial assets like term deposits and shares, higher deeming rates can wipe out an indexation increase — or worse, leave them with less than they had before. The calculator below shows you exactly where you stand.
What changed on 20 September 2026
Three things moved at once — the regular six-monthly indexation, plus a step up in deeming rates that ended the COVID-era freeze. Here's how it nets out:
Pension payments
—
Deeming rates
—
Asset cut-offs
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Compare your pension — before and after 20 September 2026
Enter your situation below. Results update as you type.
Your situation
Your assets
Your pension — before and after
How this was worked out
Where you sit on the band chart
The bands above are calculated specifically for your situation, taking your non-financial assets into account. The marker shows where your financial assets sit.
Your inputs
| Status | — |
|---|---|
| Homeowner | — |
| Financial assets (deemed in income test) | — |
| Non-financial assets (counted in assets test only) | — |
| Total assessable assets | — |
Your Age Pension — before and after 20 September 2026
| Before (to 19 March 2026) | — |
|---|---|
| From 20 September 2026 | — |
| Difference | — |
Outcome
—
How this was worked out
How to read your result
The colour of your difference card and band tells you what category you fall into:
- Better off — you receive more under the new rules. The pension increase has flowed through fully (or mostly).
- Newly eligible — you weren't getting any pension before, but now qualify for a part-pension. You'll also receive the Pensioner Concession Card.
- Worse off — the higher deeming rates reduce your pension by more than the indexation adds. This typically affects people with significant financial assets.
- No pension under either set of rules — your assets are above the cut-off. You may still qualify for the Commonwealth Seniors Health Card.
Accuracy Note: Whilst every effort has been made to provide current and accurate information, I am only one person and there's a very good chance that I'll miss something. If you spot a factual error, or if a calculator breaks or gives incorrect answers, I'd be really grateful if you could let me know via the Contact Us page so I can fix it ASAP.
It would speed up the correction process enormously if you could cite for me the title of the page where you find the error and describe what the error is. Thanks heaps for your support in keeping this valuable resource up to date for everyone's benefit.
Disclaimer: This calculator provides general estimates based on Centrelink Age Pension rates and thresholds for the period 20 September 2025 to 19 March 2026 ("Before") and from 20 September 2026 ("From"). It assumes both members of a couple have reached Age Pension age and that you meet Australian residency requirements. Actual entitlement may vary based on Work Bonus, Rent Assistance, Transitional Pension provisions, illness-separated status, defined benefit income, and other factors not modelled here. This is general information only and does not constitute personal financial advice.