itegoa Posted December 9, 2014 Share Posted December 9, 2014 Hi, I'm trying to find out how many years you have to pay Super to get the full entitlement. (I'm assuming it works similar to the UK system where you have to have 30+ years of NI contributions to get the full entitlement). Does anyone know where I can find the info? Link to comment Share on other sites More sharing options...
NickyNook Posted December 9, 2014 Share Posted December 9, 2014 Super is just money held in an account in your name. You get back what you and your employer put in (plus growth, of course). There's no 'entitlement' to any particular amount. If you have a big super balance you can withdraw a big pension, if you have a small super balance you can only withdraw a small pension. Its entirely up to you how big your super balance is. Link to comment Share on other sites More sharing options...
TerryDXB Posted December 9, 2014 Share Posted December 9, 2014 Quote: "I'm assuming it works similar to the UK system where you have to have 30+ years of NI contributions to get the full entitlement" Bad, assumption...really bad and very, very wrong!!! Check what NickyNook says. Depending on your circumstances, I would suggest that you figure out how the UK system works and consider making voluntary contributions from overseas to maintain maximum entitlement - even if you stay in Oz and claim it from there - it could be a good investment for your future. Link to comment Share on other sites More sharing options...
itegoa Posted December 9, 2014 Author Share Posted December 9, 2014 Quote: "I'm assuming it works similar to the UK system where you have to have 30+ years of NI contributions to get the full entitlement" Bad, assumption...really bad and very, very wrong!!! Check what NickyNook says. Depending on your circumstances, I would suggest that you figure out how the UK system works and consider making voluntary contributions from overseas to maintain maximum entitlement - even if you stay in Oz and claim it from there - it could be a good investment for your future. What's that line out of Under Siege 2? Assumption is the mother... :laugh: I've worked in the UK (and paid NI contribs) for approx 20 years, just trying to work out what to do when we [hopefully] move to Oz in 12 months time. Link to comment Share on other sites More sharing options...
TerryDXB Posted December 9, 2014 Share Posted December 9, 2014 You do know that Australia is actually a foreign country.....? Apart from using a form of English that is pretty recognisable to most Brits, it has its own way of doing things....it's not just 'the UK with added sun' Link to comment Share on other sites More sharing options...
Skani Posted December 9, 2014 Share Posted December 9, 2014 Hi, Does anyone know where I can find the info? This is information from the Australian Tax Office. Your employer will pay your super contributions when you start work. You also have the option of making extra payments if you wish. https://www.ato.gov.au/individuals/super/ Link to comment Share on other sites More sharing options...
Marisawright Posted December 10, 2014 Share Posted December 10, 2014 Hi, I'm trying to find out how many years you have to pay Super to get the full entitlement. (I'm assuming it works similar to the UK system where you have to have 30+ years of NI contributions to get the full entitlement). "Super" (superannuation) is not a government pension. It's a personal pension that your employer and you both contribute to. It's compulsory to have one if you're working. Basically, it's just an investment account. The money builds up over time and with compound interest, it can build up to a fair amount. When you reach retirement age, you can withdraw the money, or convert it to a pension - but the pension is drawn from the money you've accumulated in the fund. It doesn't magically turn into a bigger pot of money once you get to a certain number of years! If you've already worked for 30 years in the UK, you're not going to have long to build up a substantial amount in your super fund - so it won't give you much of a pension. However provided you've lived in Australia for ten years, you will qualify for the Australian government pension. It is means-tested, though, so a lot depends on what other assets you have. You will also be entitled to the full UK pension so don't forget to claim that when the time comes. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted December 10, 2014 Share Posted December 10, 2014 Hi, I'm trying to find out how many years you have to pay Super to get the full entitlement. (I'm assuming it works similar to the UK system where you have to have 30+ years of NI contributions to get the full entitlement). Does anyone know where I can find the info? Hi It seems that you may be referring to the Government Age Pension as opposed to private retirement provision (known as superannuation) as you are comparing it to the UK State Pension ie 30 qualifying years as opposed to UK private pensions? On that basis have a look at this thread: http://www.pomsinoz.com/forum/financial-advice-ask-vista/165251-australian-age-pension-information-thread.html and also here: http://www.humanservices.gov.au/customer/services/centrelink/age-pension In a nutshell the Australian Age Pension is not contribution based and is means tested, it generally requires you to be: an Australian resident on the day you lodge your claim, and be physically present in Australia on the day you lodge your claim You also need to have been an Australian resident for a continuous period of at least 10 years, or for a number of periods that total more than ten years, with one of the periods being at least five years. Hope this helps. Regards Andy Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted December 10, 2014 Share Posted December 10, 2014 "Super" (superannuation) is not a government pension. It's a personal pension that your employer and you both contribute to. It's compulsory to have one if you're working. Basically, it's just an investment account. The money builds up over time and with compound interest, it can build up to a fair amount. When you reach retirement age, you can withdraw the money, or convert it to a pension - but the pension is drawn from the money you've accumulated in the fund. It doesn't magically turn into a bigger pot of money once you get to a certain number of years! If you've already worked for 30 years in the UK, you're not going to have long to build up a substantial amount in your super fund - so it won't give you much of a pension. However provided you've lived in Australia for ten years, you will qualify for the Australian government pension. It is means-tested, though, so a lot depends on what other assets you have. You will also be entitled to the full UK pension so don't forget to claim that when the time comes. Beat me to it Link to comment Share on other sites More sharing options...
itegoa Posted December 10, 2014 Author Share Posted December 10, 2014 You do know that Australia is actually a foreign country.....? Apart from using a form of English that is pretty recognisable to most Brits, it has its own way of doing things....it's not just 'the UK with added sun' No way?!?! Link to comment Share on other sites More sharing options...
itegoa Posted December 10, 2014 Author Share Posted December 10, 2014 Thanks, all. I'll try soak up some more info from the links provided Would be interesting if I could have a full UK pension paid to me in Oz, an Oz government pension, and Super too. Like I say though, will read up some more on it Link to comment Share on other sites More sharing options...
NickyNook Posted December 10, 2014 Share Posted December 10, 2014 Sadly, it's not all good. A couple of points: Any UK pension paid to you while you live in Australia is set in stone and will never rise in value. The UK doesn't pass on any increases in the pension to people living here so its real value falls over time. The Australian Age Pension is a means-tested benefit not a universal pension. The more income you have from other sources, the less likely you will qualify for an Australian Age Pension. Link to comment Share on other sites More sharing options...
Freckleface Posted December 10, 2014 Share Posted December 10, 2014 The Australian Aged Pension is supposed to be a safety net payment for people who are unable to provide for themselves. It is not something you should aspire to receive. Link to comment Share on other sites More sharing options...
itegoa Posted December 10, 2014 Author Share Posted December 10, 2014 Ah, ok thanks. Link to comment Share on other sites More sharing options...
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