Planned government changes to age pension

PLANNED CHANGES TO THE AGE PENSION FROM JANUARY 2017

WHO'S AFFECTED

* 3,534,807 pensioners will see no change

* 171,658 will get more money

* 91,378 will lose the part-pension

* 235,756 will get less money

ASSETS TEST FREE AREAS

* Single homeowner $250,000 (previously $202,000)

* Single non-homeowner $450,000 ($348,500)

* Couple homeowners $375,000 ($286,500)

* Couple non-homeowners $575,000 ($433,000)

ASSETS TEST CUT-OUT

* Single homeowner $547,000 ($775,000)

* Single non-homeowner $747,000 ($922,000)

* Couple homeowners $823,000 ($1.15 million)

* Couple non-homeowners $1.023 million ($1.298 million).

TAPER RATE (by how much the pension is reduced)

* Increases from $1.50 to $3 per $1000 of assets over the test-free threshold.

(Source: Social Services Minister Scott Morrison