The Challenger conclusions seem unduly optimistic when considered in the light of ASFA calculations published in December 2008 (https://www.superannuation.asn.au/ArticleDocuments/359/rc0901-age-pension.pdf.aspx?Embed=Y). ASFA reported that in 2007-08, 70.6% of all income units headed by a person aged over 65 relied on a government pension as their principal source of income. 42% of female pensioners and 45.5% of male pensioners were on a part rate. Allowing for the greater proportion of female pensioners, assume that around 43.5% of the 70.6% of the total population having pension as their principal source of income are part raters; ie 30.7% of the cohort were on part pension, and 39.9% on the maximum rate.
On this basis, the proportion of the cohort receiving any pension may have fallen negligibly, while the proportion on full pension has actually increased.