Last amended: 1 July 2008
Overview of age equalisation for females
Section 5QA VEA
Section 5QB VEA
Under age equalisation[glossary:,:] pension age for females is being gradually increased, the first increase effective from 1 January 1996. It increases in six-month increments every two years so that by 1 January 2014 the pension age for females will be the same as the pension age for males.
Why age equalisation was introduced
The increase in pension age for females is in recognition that females:
- live longer than males,
- now have an increased participation in the labour force,
- level of wages can be expected to further increase in the future, and
- have increased access to superannuation.
Eligibility exceptions
The increase in pension age will not affect the eligibility of the following groups:
- female veterans who qualify for invalidity service pension,
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Invalidity Service Pension
- war widows who qualify for income support supplement (ISS).
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Income Support Supplement (ISS) eligibility
Superannuation managed investments
Irrespective of what age a female is granted service pension, the pension age (or qualifying age if granted income support supplement) applying at the time of the assessment will be used to determine when any superannuation fund investment they hold becomes assessable under the income and assets test.
Superannuation Funds
Taxation
Irrespective of what age a female is granted pension, the pension age that is current at the time the pension is received is used to determine whether or not her pension payment is taxable. For taxation purposes, pension age refers to the definition under the Social Security Act 1991, which is the same as the definition for pension age for non-veterans under the Veterans' Entitlements Act 1986.