old age pension

[Quoll]

No worries! Good luck with it - I would hate to see it languishing in a fund somewhere when you could be enjoying some nice beaujolais with it!!!

[BullcreekBob]

Originally Posted by owdgrandad

just heard on 3MP the government is giving pensioners $15.90 a fortnight increase so it appears they do pay OAP in OZ.

G'day

Oh yes, Australia most definately and assuredly has an Old Age Pension.

The Age pension here is available to all Aussie men over 65 and women over 63.5 (but their qualififying age is increasing to 65). The current maximum payment is $546.80 per fortnight for single people or $456.80 for a person as part of a couple.

The pension is subject to an assets test. If you are a couple and your house is valued at more than $243K, your pension will drop by $1.50/fortnight so if your house is over $856K you will get no pension. If you have no house, you can have other assets worth $368K before the pension starts to drop and total assets over $981K means no pension.

Theree is also an income test, again as a couple you can earn upto $240/fortnight from other sources with no los of pension, about $240/fn the pension drops by 40c for each $1 earnt.

Many people are paid, and live on the Aussie OAP. A starting point for info is Eligibility rules for Age Pension
If you have supperannuation (like a UK private pension) then your income from that will reduce your age pension.

The pension does not allow you to live a life of luxury but it does provide a necessary safety net for those who were unable to fully save enough (in super) to cater for their old age.

It is not a contributory pension, i.e. you don't need to have paid into to it for xx years to qualify, you just have to be living here, as an Aussie citizen or PR for 10 years or more. It won't be paid if you live in France, the UK etc. You must live in Aus or one of it's territories like Antartica, Rottnest or Christmas Island.

HTH
Bob in Bull Creek

[owdgrandad]

G`Day Bob.

Thanks for that info mate , it seems to clear things up for me. As you can probably understand having 23 years of what i thought was pension entitlement having paid my taxes, only to find out i am entitled to nothing comes as a bit of a shock.

Oh well , onwards and upwards ,as they say, i will survive.!!

thanks again. Keith.

[Quoll]

Originally Posted by owdgrandad

G`Day Bob.

Thanks for that info mate , it seems to clear things up for me. As you can probably understand having 23 years of what i thought was pension entitlement having paid my taxes, only to find out i am entitled to nothing comes as a bit of a shock.

Oh well , onwards and upwards ,as they say, i will survive.!!

thanks again. Keith.

But you are entitled to something! All your contributions will be available to you - not the income tax you paid because that isnt how it works - really, get digging, you may be pleasantly surprised.

[daren.wr9]

Hello all

Hypothetically,, If someone migrated to Oz...went into rented accommodation, worked their asses off for years but were still unable to buy their own property.

What happens when they retire? about renting? are they kicked out expected to fend for themselves?

[moonraker1961]

No you apply for dingy OAP council housing lol lol

[Quoll]

Originally Posted by daren.wr9

Hello all

Hypothetically,, If someone migrated to Oz...went into rented accommodation, worked their asses off for years but were still unable to buy their own property.

What happens when they retire? about renting? are they kicked out expected to fend for themselves?

There is very little by way of public housing in Australia actually, the bulk of renters are in private accommodation - there isnt enough public housing to go round. The federal government has an affordable housing initiative but it isnt like the good old council house for life. If you are incredibly hard up then you can put your name on the public housing list but the list is years and years long so you would probably cark it before you got allocated a house.

The idea is that people will be self funding in their retirement and for some that means the pension but for an increasing number their super and their assets put them over the limit for the age pension so they have to make do with the super they have accrued all their working lives.

If you happen to be one of the elderly that requires a nursing home then save up for the $300k bond (that's what the MIL had to pay for a nothing special rural town nursing home)

[funkyfairy]

Hi All,

dont worry about your pension if you are returning to the Uk from Australai the years that you lived there before 6/04/2001 will count towards your UK pension but only if you are a perm resident of the UK, I work for the Pensions Service processing state pension applications so I can asure you that what I have said is true you can get back up from the pension service website.

Sorry it doesnt help you out as you are now living in France but you can still claim your UK pension and they will take into the fact that you are divorced which can give it a little boost as long as you have not remarried that is.
If you want any more info please get in touch with me

Fiona

[owdgrandad]

thanks funkyfairy.
It seems like i am behind the eight ball, but hey, who cares , im happy, i had 23 wonderful years in OZ and have 2 precious sons in OZ, its not all about money, its about happiness, and i am as happy as a sand boy.I do feel bit sour on not getting what i think i am entitled to but if thats the way it is,well thats the way it is.!!!