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Pension


Smurtonio

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Hi everyone,

I am currently going through the visa process for myself and my family and like most people i am trying to cover most bases and try to understand what the future will hold in Australia if we get there.

 

I have worked for the last 28 years in the uk but never had a private pension, could anyone please tell me what the situation would be once in Australia, my state pension from the uk would not be much and wondered wether you would pay into a fresh one in Australia.

 

I hope that all makes sense.

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  • 1 month later...
Guest averina

Hi, although you've only worked in the UK for 28 years if you have had children you get a bonus for each child which can bump up your number of years, when we came to Australia 7 years ago you had to have 40 qualifying years of NI contributions to get a full British state pension, but since then it came down to only 30 years so as I said you may be entitled to a full state pension. The drawback is when you reach British State Pensionable age and take the pension at present it is not indexed linked if you live here so if say GBP150 per week when you commence taking it it stays at the same amount until you re visit the UK for 3 weeks or more then it reverts back to todays amount but once you return to Australia it goes back to hat it was before you went to the UK. Once you start a permanent job here you get superannuation paid by your employer, it was 9% of your gross pay but it's slowly increasing to I think 12% and once you reach the age of 55 you can take it but if you wait until you're 60 to take it it's tax free and you can take it all or part the choice is yours. But unfortunately you won't be entitled to an Australian State Pension if you have assets as it's all means tested here except for your main residence.

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