Austudy when you reach age pension age
Austudy can continue to be paid to people who are over age pension age.
However, you may choose to transfer to Age Pension.
When you reach age pension age, you need to tell us in your application to transfer to Age Pension:
- if you want to continue to receive Austudy or transfer to Age Pension
- about any superannuation you have
Once you reach age pension age, the Pension Supplement will be automatically paid to you with your regular fortnightly payment. The supplement replaces your separate additional payments of:
Benefits if you transfer to Age Pension include:
- you receive the Pensioner Concession Card
- the rate of payment and income and assets tests are more generous
- the rules for Age Pension are generally better if you intend to travel outside Australia
- you can access the Work Bonus
- you may be able to have more land exempted from the assets test if your home is situated on a block of land larger than 2 hectares, and on 1 title
However, any unused credit in your income bank will be lost if you transfer to Age Pension, as the Age Pension does not have an income bank.