U.K. Pension query

[Epson 0]

Hi All 

just a query regarding pension payments am I right in thinking that when living in Australia on the 143 visa on reaching UK pension age the pensionable payment remains at the set value for that year.(ie does not rise annually)

Also what is the general opinion regarding Medicare,would some sort of medical insurance cover be required to run along side Medicare to cover any eventuality.

Any comments would be greatly appreciated.

Thank you.

[Andrew Williams 18]

Hi Epson

 

Yes correct in your thinking regards the UK State Pension.

Private Health Cover is personal preference, some believe in it some don't...........I do and have it with Bupa, also if you are a high earner (https://www.ato.gov.au/Individuals/Medicare-levy/Medicare-levy-surcharge/Income-thresholds-and-rates-for-the-Medicare-levy-surcharge/ it typically makes sense to have it otherwise an additional tax is levied.

 

Andy   

[Alan Collett 16]

Remember also that only 92% of the UK State Pension is taxable in Australia:

https://www.ato.gov.au/Individuals/Tax-return/2016/Supplementary-tax-return/Deduction-questions-D11-D15/D11-Deductible-amount-of-undeducted-purchase-price-of-a-foreign-pension-or-annuity-2016/

(scroll down to British Pensions)

Best regards.