More than 275,000 pensioners have had their payments reduced due to a tighter assets test, outstripping the federal government's estimate by about 40,000.
Under the changes, which took effect on January 1 last year, 277,700 had their pension payments reduced compared to the 236,000 who were expected to be hit, a Senate hearing was told on Thursday.
Department officials said a general rise in the value of assets and changes in the broader economy were among the reasons behind the difference.
Department of Social Services secretary Kathryn Campbell said the rise in people impacted by the change would mean the budget savings will be higher than the initial forecast of $2.4 billion.
It was also revealed that 92,300 people lost access to the pension, slightly above the 90,000 estimated to have their payments cut off.
An increase in the assets test free area, which sets the amount of assets above which allowances are not paid and pensions are reduced, resulted in 165,200 people being better off.
That included 47,600 who qualified for the part-pension being bumped up to the full pension.
Meanwhile, a government review of 90,000 disability support recipients for their ability to work appears to have fallen well short of its savings goal of $62.1 million.
Of the 30,056 people who have had their ability checked, just 135 have had their pension status changed.
Ms Campbell said the measure was intended to boost integrity rather than save money.
"There was never the expectation there would be significant numbers of people," she said.
Greens senator Rachel Siewert said people had been under heavy stress due to the process.
"There's a very low number of people that have actually had their circumstances changed," Senator Siewert said.
Share
