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Will you get a pension?
The Australian government offers an Age Pension for older citizens who cannot fund their own later years. It is described by the government as an “adequate” income in retirement. However, a single Age Pension entitlement, with all supplements, is currently around $19,400 per annum and this falls about $3000 short of the amount the ASFA-Westpac Retirement Living Standard measures as modest. So whilst you may qualify for a pension when you retire, it is often wise to consider the standard of living you hope to maintained to explore options to fund your own retirement rather than depend upon the pension.
You may receive a pension if you:
• Are a male aged 65 or over
• A female above qualifying ages (see table below)
• Have income and assets below certain levels
• Are an Australian resident.
There are also living and working in Australia requirements.
Age Pension payments in the UK
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Age Pension versus Disability Support Pension
YOURLifeChoices subscriber, Ron, currently receives the Disability Support Pension and would like to know if he would be better to switch to the Age Pension when he is eligible? Q. Ron I have just received forms from Centrelink ...
Pensions, Payments, Allowances and Tests
Age Pension age for social security purposes is 65 years for men. Women qualify at different ages depending on their date of birth in accordance with the table below so by 2014 the minimum qualifying age for women will also be 65 years. ...
Claiming a UK pension
If you have paid National Insurance contributions in the UK then you may be entitled to a UK state pension. How do you make the claim from Australia? When leaving the UK you should have advised the Pension Service of your intention to do so and ...
Transferring your UK pension to Australia
Having a pension fund across the world may not be financially beneficial in terms of paying double fees and charges but how do you consolidate your retirement monies? Interest rates permitting, moving your UK pension plan to Australia may provide a much needed boost to your ...
