FINANCE
Are migrants eligible
for the Age Pension ?
with Rebecca Chester Age Pension Help
Roughly 36 % of over 65yo ’ s living in Australia were born overseas , which raises the question of residency rules for the Age Pension .
How long do you have to live in Australia for , can you claim from overseas , and can you retire overseas and still receive payments ?
Firstly , the general rule is that you must be considered to be a permanent resident of Australia at the time you lodge your claim .
Secondly , if you were born overseas , you must have 10 years of qualifying residency . This could be 10 continuous years , or if the 10 years were over two or more periods , at least one of those periods must be for five years or more . The 10-year requirement may be different for people from countries where there is a social security agreement in place .
We meet a lot of migrants , who are planning to retire back to their country of birth . The Age Pension is indefinitely portable when you live overseas , however the amount payable is dependent on several factors .
Regardless of whether you were born in Australia or overseas , the portion of the maximum payment you can receive is pro-rated based on the number of months you were a resident in Australia from age 16 to pension age , divided by 420 months ( 35 years ).
So , if your residency in Australia is less than 35 years , your payment will be reduced proportionally . Additionally , if you are moving away permanently , the ancillary payments and concession cards are cancelled .
We help people who are approaching pension age every day , and we know that all these rules are daunting . If you need some help , call us for an obligation free conversation . Phone 1300 222 484 .
12 ISSUE 34 // JANUARY 2024 theindependentmagazine . com . au BLACKTOWN CITY INDEPENDENT