jeppy

I have recently moved to mandurah wa 8 months to be exact and a work mate recenlty told me iwould not receive an old age pension here not if you are born after 1960.
when leaving the uk i check with the dhss and find i will qualify for a uk pension ,after 23 years of paying into the dhss it will result in todays terms of 19 quid a week once ive reached 65 , if i ever do .
I had legal and genral pension for 16 year to which i paid 65 quid a month and last year i found it will just about buy me newspaper when i retire , so im not that interested when taking out an indusry superfund pensions are all the same to retire comfortably you should be saving the percentage of your yearly gross wage in line with your age e.g iam 39 ishould save 39 percent of
of my gross income , who can afford that!.
just wondered if any one knows more about non qualification of an ozzie state pension than i do .

Britishaussie

I would be interested in the answer to this question too, as doubtless will many others! Is your work colleague an authority on pensions?

jeppy

No he is certainly no authority on the matter but since he told me ive asked other aussies some dont no some dont care but many agree but are not exactly sure of the cut off date , Im sure ther is a cut off date in the uk as well i think its 1970 but dont quote me on this matter as i would love it all not to be true, Im thinking to myself why come out here for a better life ofr us and the children only to be pennyless when i retire.

Pollyana

Don't know about the date thing, but I do know that all Aussie State Pensions are means tested, and many people get nothing - hence the reason for a lot of people buying several properties - an investment for their old age.

jeppy

Makes you wonder why you would bother with a second house , with all the hassles only to lose any entitlements you may or may not receive!

good luck with your lash up with your mate ! be sick and everything then you will remember it forever!

kirsty&al

Sounds like someone is pulling you leg.

If you are PR or a citizen then you can get a pension (although I think you now have to be resident for 10 years before you qualify - maybe this was what your work mate was on about).

Aussie pensions are means tested and are quite generous for the poorest. Approximately two thirds of pension age Aussies get a pension although the amounts vary from person to person. The means test for the pension does not include your home but does include everything else that you own (e.g. your car).

As you are obviously aware, the UK pension is contributions tested and 35% of pension age Brits don't get a full state pension and 14% of these have to rely solely on the Pension Credit (aka the minimum guarantee) which is means tested.

You have to remember that the Aus pension is a safety net (like social security) unlike the UK pension which is more of an investment fund (including regular subs).

If you are working, then the employer should be paying an amount equivalent to 9% of your salary into your own superfund. This should be your main focus for providing yourself with a pension. Unfortunately of the 12.8% (on salary above the tax free threshold) employers contribution in the UK only about 2% goes into your own pot (either SSP or protected rights), the rest goes into the general pot.

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steve`o

diito this sounds like a wind up

jeppy

I do hope you are right and not my mate kristal ,its like all things i should check via proper channels but i was hoping to save to save time in checking with the members.

jeppy

steve`o it might sound a wind u i hope it is but no one has come back with concrete answers , even my accountant isnt shure she says she thinks he may be right .

steve`o

i`m not trying to have a go mate
its just that your very first post is about something that could seriousley effect alot of people witihin this forum seems to me to be very controversial

only my opinion though

jad n rich

This is what we have been told, be aware tho laws here change every 5 mins but think this is up to date.

Age pension in australia is asset and income tested, if you own your own house then the assets test is about $230,000, not much really.

New arrivals have to be in OZ 10 years to get a pension.

If you are entitled to a brit/private pension your expected to claim it and its deducted from any OZ entitlement.

Aussies are expected to provide their own retirement funds, the pension is nothing but a safety net for the poor, as someone just said,many aussies buy several houses and hope to sell them off when they retire to support themself. The gov has made it quite clear it doesnt expect many at all to get a pension in 20 even 10 years time, thats why they brought in employer super thats the 9% of your income to superfund.

There was a bloke on here an aussie (megalania) who pointed out several times accompanied by his many graphs and pie charts that most immigrants were not taking into account that in aus you need to provide for your own retirement in most cases.

jeppy

i appreciate what what you are saying jadnrich but if most aussies buy several houses for there retirement and rent them then surely there must be several times as many people rent in oz as buy unless they rent the houses to mashians ,im not trying to be funny but if several times as many rent then what the hell are they going to do when the retire , although its not our prob.

jad n rich

Look at the rental market, why do you think a a house thats worth $500,000 and the landlord pays rates, water etc rents for $300 a week, that is because australia has so many rental homes for the above reason. Plus nobody said MOST aussies, I think the word used was many, a bit of a difference.

kirsty&al

Have a look at this for more information on pensions.

http://www.centrelink.gov.au/interne...ge_pension.htm

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jeppy

thank s for that ive saved to my favs i will read it when i have more time