This 2 year waiting list

[georgegeorgia]

Centrelink / Social security department have a requirement you must be 2 years living in Australia before directly applying for the old age pension

 

So if your 65 living in Thailand you have to go back to Australia to receive it by 67 

 

The thing is this ,imagine you retire at 62 or 63 with superannuation of say 500 or 600k now that is not going to probably last you 20/25 years of your life left 

 

The other barrier is ..yes you can only have 280k in your bank to get the pension 

 

 

[simple1]

Remember Age Pension if funded out of the annual budget. If you're a homeowner why should taxpayers fund your retirement if you have more than AUD$280k cash in savings? Some info on Age Pension assets criteria...

 

https://superguy.com.au/superannuation/how-much-super-can-you-have-and-still-get-the-pension/

[Lacessit]

1 hour ago, simple1 said:

Remember Age Pension if funded out of the annual budget. If you're a homeowner why should taxpayers fund your retirement if you have more than AUD$280k cash in savings? Some info on Age Pension assets criteria...

 

https://superguy.com.au/superannuation/how-much-super-can-you-have-and-still-get-the-pension/

One can have more than 280K, and receive a part pension. A non-homeowner can have up to 850K in assets, and still receive a dollar or two of pension. For homeowners, the cutoff is 634K

Why should taxpayers fund my pension? Because I paid quite a lot of taxes when I was working to support pensioners before me, turnabout is fair play.

The OP should make an appointment to speak with a Centrelink Financial Services Officer to determine

his status with the two year rule. It never applied to me.

On this thread, he will only get conflicting opinions and experiences.

[KhunHeineken]

On 4/22/2023 at 10:12 AM, Lacessit said:

Why should taxpayers fund my pension? Because I paid quite a lot of taxes when I was working to support pensioners before me, turnabout is fair play.

Superannuation was designed to stop this.

 

The next generation coming through will most likely be ineligible for any pension, even a part pension, due to having a large super balance. 

 

In the future, it will be only outgoing for workers, and never any dollars coming back to them the government. 

[Lacessit]

5 hours ago, KhunHeineken said:

Superannuation was designed to stop this.

 

The next generation coming through will most likely be ineligible for any pension, even a part pension, due to having a large super balance. 

 

In the future, it will be only outgoing for workers, and never any dollars coming back to them the government. 

Superannuation should have worked for me. Instead, a lot of it got stolen before, during and after the GFC, while government bodies such as ASIC and APRA sat on their hands.

I have no compunction whatsoever in screwing the government for every cent I can squeeze out of it. Google Tony D'Aloisio.

[KhunHeineken]

2 hours ago, Lacessit said:

Superannuation should have worked for me. Instead, a lot of it got stolen before, during and after the GFC, while government bodies such as ASIC and APRA sat on their hands.

I have no compunction whatsoever in screwing the government for every cent I can squeeze out of it. Google Tony D'Aloisio.

I have always said, from the moment I had to start paying it, if the government forces you to pay superannuation, then the government should guarantee the amount paid in, with at least a small percent of earnings, similar to that of a savings account.  

 

Forcing people to put their life savings in the hands of companies that punt it on the stock market does not instill people's confidence in the system. 

[Lacessit]

7 hours ago, KhunHeineken said:

I have always said, from the moment I had to start paying it, if the government forces you to pay superannuation, then the government should guarantee the amount paid in, with at least a small percent of earnings, similar to that of a savings account.  

 

Forcing people to put their life savings in the hands of companies that punt it on the stock market does not instill people's confidence in the system. 

You may have forgotten there are such things as self-managed super funds. I am not sure governments would agree to guarantee those, for all they know I could be punting the money on junk bonds.

 

As I said before, my beef with the government is the incompetent and lazy regulators they appoint. In the case of my previous post, it was someone who engaged in provable corruption.

[scorecard]

",,, you must be 2 years living in Australia before directly applying for the old age pension.

 

Not quite correct:

 

- If your at or over the current age elibibility and you've been living outside of Australia:

• You can apply for the OAP on the day you return to Autralia.
• You must be physically in Australia on the day you apply.
• If your OAP application is approved payments start immediately and are backdated to the day you applied. And you receive the full current pension rate.
• Processing all OAP applications in now fully computerised in Canberra (not assessed at local Centrelink offices), if there's no discussion needed approval is about 3 weeks. 
• You are entitled to 'Portability '(the right to receive your OAP 4 weekly payments permenantly anywhere in the world) 2 years after you return to Australia.
• The 2 year period starts from the date you physically returned to Oz, NOT from the day your OAP was approved.
• During the 2 year period you can go abroad and return to Oz for short holidays and the accumulation of the 2 years is not interupted. 

[KhunHeineken]

16 hours ago, Lacessit said:

You may have forgotten there are such things as self-managed super funds. I am not sure governments would agree to guarantee those, for all they know I could be punting the money on junk bonds.

 

As I said before, my beef with the government is the incompetent and lazy regulators they appoint. In the case of my previous post, it was someone who engaged in provable corruption.

I didn't forget about self managed funds, but I would hardly call them mainstream for PAYG workers.  That's not to say PAYG workers can't do it, just that it's not widely adopted by them, probably because of all the establishing and annual reporting necessary. 

 

I don't know every detail about the British system, but I believe you pay into it, and it's government guaranteed to you upon retirement.  At least this way you know it can't be lost to you, and you know exactly what you will be getting in your retirement. 

 

There's something wrong with a system that people pay into for all their working lives, and when they are just about to hit retirement age,  something like the GFC or Covid hits, and they have to keep working for years after.  

 

Fraud is also another concern, and there has been a lot of it. False signatures on forms requesting the fund move the money from a low risk portfolio to an aggressive portfolio so the manager gets a bigger commission saw retirees losing the lot is just one example. 

[georgegeorgia]

On 5/2/2023 at 12:19 AM, scorecard said:

",,, you must be 2 years living in Australia before directly applying for the old age pension.

 

Not quite correct:

 

- If your at or over the current age elibibility and you've been living outside of Australia:

• You can apply for the OAP on the day you return to Autralia.
• You must be physically in Australia on the day you apply.
• If your OAP application is approved payments start immediately and are backdated to the day you applied. And you receive the full current pension rate.
• Processing all OAP applications in now fully computerised in Canberra (not assessed at local Centrelink offices), if there's no discussion needed approval is about 3 weeks. 
• You are entitled to 'Portability '(the right to receive your OAP 4 weekly payments permenantly anywhere in the world) 2 years after you return to Australia.
• The 2 year period starts from the date you physically returned to Oz, NOT from the day your OAP was approved.
• During the 2 year period you can go abroad and return to Oz for short holidays and the accumulation of the 2 years is not interupted. 

So what are you saying ??

Your saying I don't need to be living in Australia to be successful at it ?

 

[4MyEgo]

5 hours ago, georgegeorgia said:

So what are you saying ??

Your saying I don't need to be living in Australia to be successful at it ?

https://guides.dss.gov.au/social-security-guide/7/1/4

 

If you live in Australia at least 2 years prior to the age pension being granted, it is basically automatically made portable, i.e. you can have it paid every 4 weeks while you are living overseas. 

 

If you are living overseas like me, you can return 2 years beforehand and wait the 2 years, but unless your making some money, it's pointless, e.g. cost of living in Australia vs Thailand.

 

I will return when I am 67 and apply then as they will pay me the pension as soon as it's approved and it will be back paid, add to that rental assistance and the supplement and energy payment, that can go towards the rent for the 2 year jail term that I will endure, doing it at 65 means I will have to pay for everything, and if getting the Jobseeker Allowance (dole), it's much lower than the pension payment so best to go back at 67 and do the 2 year wait.

 

Edited August 29, 2023 by 4MyEgo

[georgegeorgia]

That's the question,if say someone does return at 67 after being away for sometime do they automatically get the aged pension but no overseas portability ? ( for 2 years anyway)

 

So yes if you returned at 65 you would have to get the dole , who is going to employ a 65yo ? 

 

 

Edited August 29, 2023 by georgegeorgia

[Will27]

7 hours ago, georgegeorgia said:

That's the question,if say someone does return at 67 after being away for sometime do they automatically get the aged pension but no overseas portability ? ( for 2 years anyway)

 

So yes if you returned at 65 you would have to get the dole , who is going to employ a 65yo ? 

 

 

The answer to the first part is yes.

 

For the second part, you don't have to apply for the dole if you have enough money.

But I'd suggest most would or they wouldn't bother about coming back to receive the pension.

 

Doesn't matter whether your employable or not.

[KhunHeineken]

On 8/30/2023 at 12:21 AM, Will27 said:

The answer to the first part is yes.

 

For the second part, you don't have to apply for the dole if you have enough money.

But I'd suggest most would or they wouldn't bother about coming back to receive the pension.

 

Doesn't matter whether your employable or not.

Getting the dole comes with some obligations.  For some who have been in Thailand for quite a while, they may not like to abide by such obligations.