Living it up on the Pension

[giddyup]

I didnt think you could get the pension outside australia.

If you have lived in Australia for 10 years or more.

YOU CAN.

Try 35 years to get a full aged pension.

[NoshowJones]

I didnt think you could get the pension outside australia.

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

Yes you can get a Australian pension abroad, but first up is getting the pension, you cannot apply over here, you have to go back and live there for 2 years before you can get the pension, if you get the pension at 67 you must return at 65 and stay for 2 years.

After you are free to live overseas.

I wonder if the Australian government pays their annual increases.

[Saan]

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

Yes you can get a Australian pension abroad, but first up is getting the pension, you cannot apply over here, you have to go back and live there for 2 years before you can get the pension, if you get the pension at 67 you must return at 65 and stay for 2 years.

After you are free to live overseas.

You can retire abroad but you have to be over 65 or 67 an like the above post, have been in Australia for 2 years before you go and cannot apply offshore. You lose some of your supplement money and after 25 weeks out of the country, if you have not lived in Australia for 35 years, you lose another supplement. It is pretty harsh in some ways and if you are under 65, you can only leave Australia now for 4 weeks of the year with a paid pension. After 4 weeks, you lose the pension and if out of the Country for 12 weeks and 1 day, you will have to reapply for the pension and be totally cut off.

I am 45 and on a Disability Pension and live in Thailand permanently. I had to apply for unlimited portability of my pension which is very hard to do as but my disability will never improve and I will never be able to work again. It took me 9 months to jump through all the hops but I was approved and in the end, moved to Thailand. My pension will never be able to be taken off me.

Australia is one of the toughest countries around on these rules for pensions.

These replies are only partially accurate. I'm going through the process at the moment. Here's how it really works. If you have an Australian Working Life Residency of 35 years or more (AWLR is calculated from the day you turn 16 to the day you reach pension age and you do not have to actually be working during this time), you only need to be resident in Australia when you apply for the pension and whilst it is being approved. Once you receive your written advice from Centrelink confirming approval and your first pension payment has been deposited into your Australian bank account, you are then free to move OS permanently. Because you have an AWLR of 35+ years you will receive the full BASE pension but only the BASE Age Supplement. (The current rate for the BASE Pension and Base Age Supplement is AUD $402.00 per week for a single person). On the other hand, if you have been living outside Australia more than you have in Australia over the years preceding your pension age being reached, then you will need to live in Australia for 2 years from your pension date before your pension becomes portable and then you can live wherever you want. I have a mate who has been living in Thailand 6 months a year and in Oz 6 months a year for the last 10 years. He reaches pension age in July. He has to live in Australia for 2 years before he can take his pension with him when he returns to Thailand permanently. In my case, I was in Thailand for 7 months from Oct 2014 - end of April 2015. The 2 year rule does not affect me. I am back in Thailand, but will be returning to Oz in mid-June ( I reach pension age in July). I will have to only be resident in Australia, once I return, until my pension is approved and the first payment is in my aussie bank account, then I free to leave permanently and receive the pension in Thailand, until the day I depart this world. The AWLR will still apply though. So if you have an AWLR of say 28 years, then you would divide the $402 by 35 and multiply by 28 to calculate your part pension. $402/35*28 = $321.60 per week. Pension rates are reviewed every March & September, but for those who are permanently overseas they are reviewed quarterly. Also the pension is only paid every 4 weeks if you are overseas and if you wish Centrelink will pay the pension directly into your OS bank account. They will remit in the currency of the country you are living in or USD. They use the Reserve Bank exchange rate on the day of remitting and no fees are charged by Centrelink. However, your OS bank will most likely deduct a small fee when the transfer is credited to your account. A small trap to be aware of that I have yet to confirm, is that in Thailand your bank may deduct income tax from the transfer amount as they consider regular payments of this nature to be income. This would then mean having to lodge a tax return in Thailand if this turns out to be correct.

A good summation.

The two year residency was brought in as large numbers of southern Europeans, and later Lebanese, were residing in Australia for 10 years (as was the requirement then) and returning home to their villages. At 65 they would put out their hand for an Australian pension. One other problem is when the recipients who have dual nationality die the officials do not inform the Australian government of their death as they are citizens of that country and the family continues to enjoy the pension long after Zorba has passed this mortal coil.

The Australian pension scheme is not as heartless, as someone suggested, as the UK one as we do get quarterly increases.

[totally thaied up]

There was talk a few years ago by the Labor Government that they were looking at taking portability of the pension off Australian citizens. I read a Government report about it and they wanted it put into place from 2021. The likelihood of this ever happening is or was remote I read as the grey vote would have been against it but believe me, at one stage our Government was looking at this.

The current Government cannot harden thing up too much more but you can never tell...

[giddyup]

I didnt think you could get the pension outside australia.

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

Yes you can get a Australian pension abroad, but first up is getting the pension, you cannot apply over here, you have to go back and live there for 2 years before you can get the pension, if you get the pension at 67 you must return at 65 and stay for 2 years.

After you are free to live overseas.

I wonder if the Australian government pays their annual increases.

Pays what annual increases? Once you qualify for the Aussie pension it's adjusted twice a year in match with the CPI, so your money will keep pace with inflation. Unlike the British pension that is frozen once you leave the country.

[giddyup]

I didnt think you could get the pension outside australia.

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

Just give it time ! it won't be long before us Brits will be in the same boat ,disgusting !!!

As mentioned here several times, you can take the Aussie pension overseas. I've been living in Thailand 6 years on an Aussie pension.

[Gillyflower]

I haven't lived in Australia for many years, but all of my family do. So I don't know anything much about cost of living. However I have a niece, retired, who seems to be able to do a 4-6 week holiday abroad every two years. US, UK etc. They are forever running down to Victoria (they live in north Q'land) or over to WA. They would stay longer abroad, but for the 6 week business. I am only telling this because it does not fit in with the OP story about the cost of living.

I get a pension from the UK just because I worked there for 2 years or something. I have a Canadian pension because I worked there 6 months. True it's piddling - I get it every 6 months. I didn't even have to apply for it, they did all the work. Mind you I have to pay both federal and provincial taxes on it. Every so often I have to provide proof that I am not in a box in the ground. Whenever I see a Canadian I tell him he has to buy me a drink to pay for the taxes I have to pay. I could have a Swedish pension (6 months), but I couldn't be bothered following it up. When the Aus people were contacted - niet. I should have a nice little sum, considering all the years that I worked there.

[dotpoom]

Back home you can get your pension no matter what country you live in.....provided it is a contributory pension.

To get a non-contributory pension you must reside in the country.

[Saan]

I haven't lived in Australia for many years, but all of my family do. So I don't know anything much about cost of living. However I have a niece, retired, who seems to be able to do a 4-6 week holiday abroad every two years. US, UK etc. They are forever running down to Victoria (they live in north Q'land) or over to WA. They would stay longer abroad, but for the 6 week business. I am only telling this because it does not fit in with the OP story about the cost of living.

I get a pension from the UK just because I worked there for 2 years or something. I have a Canadian pension because I worked there 6 months. True it's piddling - I get it every 6 months. I didn't even have to apply for it, they did all the work. Mind you I have to pay both federal and provincial taxes on it. Every so often I have to provide proof that I am not in a box in the ground. Whenever I see a Canadian I tell him he has to buy me a drink to pay for the taxes I have to pay. I could have a Swedish pension (6 months), but I couldn't be bothered following it up. When the Aus people were contacted - niet. I should have a nice little sum, considering all the years that I worked there.

She is not doing all that travel just on an Australian pension unless she is extraordinarly frugal. She can stay overseas as long as she likes on an aged pension.

[joboss]

I didnt think you could get the pension outside australia.

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

Yes you can get a Australian pension abroad, but first up is getting the pension, you cannot apply over here, you have to go back and live there for 2 years before you can get the pension, if you get the pension at 67 you must return at 65 and stay for 2 years.

After you are free to live overseas.

You can retire abroad but you have to be over 65 or 67 an like the above post, have been in Australia for 2 years before you go and cannot apply offshore. You lose some of your supplement money and after 25 weeks out of the country, if you have not lived in Australia for 35 years, you lose another supplement. It is pretty harsh in some ways and if you are under 65, you can only leave Australia now for 4 weeks of the year with a paid pension. After 4 weeks, you lose the pension and if out of the Country for 12 weeks and 1 day, you will have to reapply for the pension and be totally cut off.

I am 45 and on a Disability Pension and live in Thailand permanently. I had to apply for unlimited portability of my pension which is very hard to do as but my disability will never improve and I will never be able to work again. It took me 9 months to jump through all the hops but I was approved and in the end, moved to Thailand. My pension will never be able to be taken off me.

Australia is one of the toughest countries around on these rules for pensions.

"My pension will never be able to be taken off me." I hope your right. But.. "never say never" is something we hard workin dogs of Australian are realizing has merit as the truth. Australia... land of the gouge for those that have given all for our birth country.

[Laza 45]

I didnt think you could get the pension outside australia.

Aged pension can be collected outside Australia.. I get it in Thailand.... Disability pension is another thing.. the rules have changed in the last couple of years.. but for a very limited time only... 3 months??...

.. I have my own house now.. elec.. $20 a month.. water $15 a month.. garbage collection 10 Bt (30 cents/month)!! Beer Chang 50 Bt large bottle.. .. about $1.50.. food is cheap... good internet connection (12 mb/ download.. unlimited)..600 Bt.. /$24 per month.. ..going out for dinner tonight.. under $10 for the gf & I .. with a beer for me.. yep.. very cheap... if some f*****wit doesn't kill you on the road!

[norbra]

I didnt think you could get the pension outside australia.

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

Just give it time ! it won't be long before us Brits will be in the same boat ,disgusting !!!

As mentioned here several times, you can take the Aussie pension overseas. I've been living in Thailand 6 years on an Aussie pension.

Might I ask what currency Centrelink are providing for your payments,US$,AU$ or THB? I,m soon to come to los and am considering payment US$

[giddyup]

Might I ask what currency Centrelink are providing for your payments,US$,AU$ or THB? I,m soon to come to los and am considering payment US$

I imagine if you ask Centrelink to transfer your pension in anything other than A$ you are going to get whatever the exchange rate is in Australia and lose considerably. You are better off getting your pension transferred to your bank in Thailand in Aussie dollars. I actually have my pension paid into my bank in Oz and I then transfer to my bank here whenever i need a top up. That way I wait until I see the most favourable exchange rate then transfer via internet banking. However, if you need the pension for day to day living you would be better off having the pension transferred to your bank here, in Aussie dollars, it will then be converted into baht by your bank at whatever is the local exchange rate..

Edited May 25, 2015 by giddyup

[Kurt Kubik]

I didnt think you could get the pension outside australia.

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

same in denmark.. you cant leave more than 6 month....insane...

[giddyup]

I didnt think you could get the pension outside australia.

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

same in denmark.. you cant leave more than 6 month....insane...

Don't know how many more times it needs to be said, but you can take the aged pension out of Australia, as long as you qualify, and there's no time limit. I've been in Thailand over 6 years and getting the Aussie pension. If I live another 20 years I'd still get it. Hope that's clear to all.

[Saan]

Might I ask what currency Centrelink are providing for your payments,US$,AU$ or THB? I,m soon to come to los and am considering payment US$

I imagine if you ask Centrelink to transfer your pension in anything other than A$ you are going to get whatever the exchange rate is in Australia and lose considerably. You are better off getting your pension transferred to your bank in Thailand in Aussie dollars. I actually have my pension paid into my bank in Oz and I then transfer to my bank here whenever i need a top up. That way I wait until I see the most favourable exchange rate then transfer via internet banking. However, if you need the pension for day to day living you would be better off having the pension transferred to your bank here, in Aussie dollars, it will then be converted into baht by your bank at whatever is the local exchange rate..

I looked it up the other day and the Reserve Bank sends the pension to Thailand at no cost and the exchange rate is better than any bank in Australia or Thailand will give you.

It seems to me the best way to go. Maybe there are some drawbacks and it would be interesting to hear from anyone who is receiving their pension that way.

[giddyup]

Might I ask what currency Centrelink are providing for your payments,US$,AU$ or THB? I,m soon to come to los and am considering payment US$

I imagine if you ask Centrelink to transfer your pension in anything other than A$ you are going to get whatever the exchange rate is in Australia and lose considerably. You are better off getting your pension transferred to your bank in Thailand in Aussie dollars. I actually have my pension paid into my bank in Oz and I then transfer to my bank here whenever i need a top up. That way I wait until I see the most favourable exchange rate then transfer via internet banking. However, if you need the pension for day to day living you would be better off having the pension transferred to your bank here, in Aussie dollars, it will then be converted into baht by your bank at whatever is the local exchange rate..

I looked it up the other day and the Reserve Bank sends the pension to Thailand at no cost and the exchange rate is better than any bank in Australia or Thailand will give you.

It seems to me the best way to go. Maybe there are some drawbacks and it would be interesting to hear from anyone who is receiving their pension that way.

Sending it in what currency?

[bazza40]

Centrelink does have problems tracking assets when they are in another country because they can't keep up with currency fluctuations against the Aussie dollar. While they encourage people to record changes online, it doesn't mean they will be successful.

I don't have a problem with Centrelink taking out the supplemental payments, because I am not using Australian electricity, gas and water overseas. Fair enough. I do think it's a bit stingy to withhold rent assistance, which is available in Australia, from someone renting overseas.

I do agree for someone to have to spend 2 years in Australia when they already have the 35 years required to qualify for an age pension is just bureaucratic bullshit, and I've asked my federal MP how it is justified. Almost like a jail sentence. Yet to get a response, so hopefully I've given some public servant a migraine.

One point - it's advisable to register an Australian residential address if you have money on term deposit with a bank in Australia. If you give a foreign address as your residential address, the bank will deduct witholding tax - good luck getting it back from the ATO.

[Saan]

Might I ask what currency Centrelink are providing for your payments,US$,AU$ or THB? I,m soon to come to los and am considering payment US$

I imagine if you ask Centrelink to transfer your pension in anything other than A$ you are going to get whatever the exchange rate is in Australia and lose considerably. You are better off getting your pension transferred to your bank in Thailand in Aussie dollars. I actually have my pension paid into my bank in Oz and I then transfer to my bank here whenever i need a top up. That way I wait until I see the most favourable exchange rate then transfer via internet banking. However, if you need the pension for day to day living you would be better off having the pension transferred to your bank here, in Aussie dollars, it will then be converted into baht by your bank at whatever is the local exchange rate..

I looked it up the other day and the Reserve Bank sends the pension to Thailand at no cost and the exchange rate is better than any bank in Australia or Thailand will give you.

It seems to me the best way to go. Maybe there are some drawbacks and it would be interesting to hear from anyone who is receiving their pension that way.

Sending it in what currency?

If the exchange rate is better they, of course, send it in baht.

[giddyup]

Might I ask what currency Centrelink are providing for your payments,US$,AU$ or THB? I,m soon to come to los and am considering payment US$

I imagine if you ask Centrelink to transfer your pension in anything other than A$ you are going to get whatever the exchange rate is in Australia and lose considerably. You are better off getting your pension transferred to your bank in Thailand in Aussie dollars. I actually have my pension paid into my bank in Oz and I then transfer to my bank here whenever i need a top up. That way I wait until I see the most favourable exchange rate then transfer via internet banking. However, if you need the pension for day to day living you would be better off having the pension transferred to your bank here, in Aussie dollars, it will then be converted into baht by your bank at whatever is the local exchange rate..

I looked it up the other day and the Reserve Bank sends the pension to Thailand at no cost and the exchange rate is better than any bank in Australia or Thailand will give you.

It seems to me the best way to go. Maybe there are some drawbacks and it would be interesting to hear from anyone who is receiving their pension that way.

Sending it in what currency?

If the exchange rate is better they, of course, send it in baht.

Be interested to know what rate you'd get sending the money in Thai Baht. I made the mistake once of transferring my money from Oz to Thailand in Baht and the rate was nowhere near as good as I could have got here. You are going to have to stipulate what currency you want your money sent, you can't chop and choose each month. You mentioned US dollars before, so what have you decided on?

[smotherb]

Prices, I assume quoted in Aussie Dollars (25.52 Baht), seem very low indeed.

Does seem cheap, I'm not familiar with prices in VN myself.

han

$20/mo for electricity and $20/mo for internet are the basics--no high speed and no a/c for sure. Housing seems more than I pay in Thailand, but I pay B1200/mo internet and B3500/mo electricity, all in with water about B13000/mo ($385/mo) Still not bad--I could not possibly live rent and utilities in Florida for that.

I like Vietnam, the people are more industrious. Danang is good, but so is Nha Trang--just a bit South of Danang. All along the coast from Vung Tau to Danag is livable. I think the food is at least as cheap and every bit as good as Thailand, but not as spicy--and they still keep the French breads, coffees and sauces. Beer and alcohol is cheaper--I would have been there by now, but my grandson is here and the wife won't hear about leaving because of him.

[kannot]

I didnt think you could get the pension outside australia.

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

Yet.............probably a matter of time or theyll limit it to Europe.

[shirtless]

I would say enjoy it while you can as the creeps that run our country want to cut this , we need to change the whole system , like super when it was introduced it was not to be taxed . if we do nothing we all end up losing

[bazza40]

Be interested to know what rate you'd get sending the money in Thai Baht. I made the mistake once of transferring my money from Oz to Thailand in Baht and the rate was nowhere near as good as I could have got here. You are going to have to stipulate what currency you want your money sent, you can't chop and choose each month. You mentioned US dollars before, so what have you decided on?

It's always best to send money from Australian banks to Thailand in Australian dollars. If you send it in baht, you are subject to what's called Dynamic Currency Conversion, which is the technical term for legalised theft.

[norbra]

I inadvertantly sent THB from my Westpac account to my KBank acc in THB cost me around AUD350 in exchange fees.

I was hoping for some feedback from forum members before deciding on whether to us US$ or AUD

Be interested to know what rate you'd get sending the money in Thai Baht. I made the mistake once of transferring my money from Oz to Thailand in Baht and the rate was nowhere near as good as I could have got here. You are going to have to stipulate what currency you want your money sent, you can't chop and choose each month. You mentioned US dollars before, so what have you decided on?

It's always best to send money from Australian banks to Thailand in Australian dollars. If you send it in baht, you are subject to what's called Dynamic Currency Conversion, which is the technical term for legalised theft.

[Si Thea01]

I didnt think you could get the pension outside australia.

Apparently one can but it has to be either the aged or disability pension. It is called Pension Portability and certain criteria must be met before it will happen. One is, that you must have been a resident and taxpayer for at least 25 years. What the others are I cannot tell you, sorry.

[giddyup]

Be interested to know what rate you'd get sending the money in Thai Baht. I made the mistake once of transferring my money from Oz to Thailand in Baht and the rate was nowhere near as good as I could have got here. You are going to have to stipulate what currency you want your money sent, you can't chop and choose each month. You mentioned US dollars before, so what have you decided on?

It's always best to send money from Australian banks to Thailand in Australian dollars. If you send it in baht, you are subject to what's called Dynamic Currency Conversion, which is the technical term for legalised theft.

That's what I thought.

[giddyup]

Might I ask what currency Centrelink are providing for your payments,US$,AU$ or THB? I,m soon to come to los and am considering payment US$

I imagine if you ask Centrelink to transfer your pension in anything other than A$ you are going to get whatever the exchange rate is in Australia and lose considerably. You are better off getting your pension transferred to your bank in Thailand in Aussie dollars. I actually have my pension paid into my bank in Oz and I then transfer to my bank here whenever i need a top up. That way I wait until I see the most favourable exchange rate then transfer via internet banking. However, if you need the pension for day to day living you would be better off having the pension transferred to your bank here, in Aussie dollars, it will then be converted into baht by your bank at whatever is the local exchange rate..

I looked it up the other day and the Reserve Bank sends the pension to Thailand at no cost and the exchange rate is better than any bank in Australia or Thailand will give you.

It seems to me the best way to go. Maybe there are some drawbacks and it would be interesting to hear from anyone who is receiving their pension that way.

Sending it in what currency?

If the exchange rate is better they, of course, send it in baht.

It doesn't work like that. They will send your pension in baht or dollars, not see what currency has the better exchange rate, and you are always going to do better by having your pension paid here in Aussie dollars.

[Si Thea01]

I didnt think you could get the pension outside australia.

Sounds disgraceful. So if you have worked in Australia and paid taxes all your life you can not choose to retire abroad. Even the scamming politicians in the UK aren't that bad.

That's misinformation. You can retire overseas but like everything, there are certain criteria that must be met. Apparently, there is about 72,000 in receipt of various pensions, residing overseas, mostly in Europe but others scattered throughout various countries.

[giddyup]

I inadvertantly sent THB from my Westpac account to my KBank acc in THB cost me around AUD350 in exchange fees.

I was hoping for some feedback from forum members before deciding on whether to us US$ or AUD

Be interested to know what rate you'd get sending the money in Thai Baht. I made the mistake once of transferring my money from Oz to Thailand in Baht and the rate was nowhere near as good as I could have got here. You are going to have to stipulate what currency you want your money sent, you can't chop and choose each month. You mentioned US dollars before, so what have you decided on?

It's always best to send money from Australian banks to Thailand in Australian dollars. If you send it in baht, you are subject to what's called Dynamic Currency Conversion, which is the technical term for legalised theft.

Aussie dollars, no question. If you send in US dollars, the bank in Oz will give you the local exchange rate by converting A$ to $US, and you will lose on that transaction.