Category Archive: Retirement

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Aug 31 2017

Age Pension: Will a UK Pension affect my Australian Centrelink payment

Will a UK Pension affect my Australian Centrelink payment?

The short answer is maybe.

For a single person, if your total pension and any other earnings are under $168 per fortnight, then it will not affect your Australian Centrelink Aged pension.

If your total pension and any other earnings are over $168 per fortnight, then it your Australian Centrelink Aged pension will be reduced by 50 cents for every $1.00 that your other income exceeds the $168 per fortnight.

Examples of Fortnightly Payments …

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Win a Luxurious home in Australia with Hometown Prize Draws.

For Books with Free Delivery to Australia, look at: BookDepository UK and USA

Aug 01 2017

Australian Aged Pension Rates 2017

Australian Aged Pension Eligibility:

If your birthdate is before 1 July 1952 you’ll be old enough at 65 years
If your birthdate is 1 July 1952 to 31 December 1953 you’ll be old enough at 65 years and 6 months

Australian SINGLE PERSON Welfare Based Aged Pension from July 2017
$808.30 Base Pension
$ 65.90 Supplement
$ 14.10 Clean Energy Supplement
$888.30 Total per Fortnight

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Win a Luxurious home in Australia with Hometown Prize Draws.

For Books with Free Delivery to Australia, look at: BookDepository UK and USA

Jul 28 2017

UK Aged Pension: 60% Part Pension for Spouse

An extra 60% British Aged Pension for your Spouse?

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Win a Luxurious home in Australia with Hometown Prize Draws.

For Books with Free Delivery to Australia, look at: BookDepository UK and USA

Apr 10 2017

25% Tax Penalty on Some QROPS Pension Transfers

HMRC Introduces 25% Tax Charge On Some QROPS Transfers

The Chancellor of the Exchequer used his Spring Budget to announce that, with effect from 9th March 2017, pension transfers by UK residents to QROPS (Qualifying Recognised Overseas Pension Schemes) not in the European Economic Area will be liable for a 25% tax penalty. Philip Hammond said that this policy was being introduced in the interests of “fairness in the tax system.”

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Apr 02 2017

Transfer British Pension to Australia

Getting Your British Pension in Australia

When you migrate to Australia from the United Kingdom, you may have some pension funds in the UK, and consideration must be given to what to do with them at some stage.
You may have two kinds of pension funds:
1: The Government Aged pension
2: Your own Employer funded or Private Pension

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Jun 12 2016

Australian Aged Pension Rates 2016

Australian SINGLE PERSON Pension
$794.80 Base Pension
$ 65.00 Supplement
$ 14.10 Clean Energy Supplement
$873.90 Total

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May 18 2016

British Expat Pensioners in Australia returning to UK

Rise in British Expat Pensioners in Australia returning to UK A news story about British Expat pensioners in Australia having to return home to the UK because they can’t afford health care is in a Telegraph news article. The article quotes: “Increasing premiums for essential medical cover in Australia are forcing some retired British expats …

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Nov 28 2015

UK Chancellor cuts Pension benefits for Brits abroad

Anyone who is out of Britain for more than a month will lose their pension credit. Anyone who leaves Britain for more than a month will lose their pension credit, in a blow for retirees who spent time overseas The above headlines look very scary… The story from the Telegraph The cut-off point for losing …

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Aug 23 2015

Retirement Pension

The Australian Retirement pension consists of two possible parts: The Government Aged Pension Benefit, paid by Centrelink (the welfare system). The compulsory Employer Paid Super scheme. The British Retirement pension consists of two possible parts: The Government Aged Pension Benefit, paid by the British welfare system. The optional Private Pension scheme. The above makes things …

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Oct 27 2014

Australian Superannuation Co-contribution scheme

Australian Superannuation Co-contribution scheme The super co-contribution scheme is designed to assist eligible individuals to save for their retirement. If you are eligible and make personal super contributions during a financial year, the government will match your contribution with a super co-contribution up to certain limits. If you are a low or middle-income earner and …

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Oct 27 2014

Australian Compulsory Superannuation Rates from 2014

Australian Compulsory Superannuation Rates from 2014

The minimum Superannuation contribution from your Employer rose to 9.50% from July 2014.
The majority of Workers in Australia, have had individual Superannuation schemes since 1992 when the Compulsory Superannuation Scheme was first set up, with a rate of 3%.

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Apr 24 2014

Claiming Australian Superannuation back when leaving Australia

When leaving Australia for good, you may wish to claim as much of any Australian Super as you can. This can be reclaimed in some circumstances before you reach retirement age. australia.gov.au/service/superannuation-departing-australia If you are a former temporary resident, you can claim the super benefits you accumulated while working in Australia. To claim the Departing …

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Apr 24 2014

Tax when Retiring in Australia

When a Brit retires in Australia, as a resident, and has a UK pension, either State or Private, this will be taxed in Australia. (The same as any other income). To ensure that this income is NOT taxed in BOTH countries, you must advise the British Tax Authority (HMRC) of the situation. As at April …

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Apr 16 2014

Australian Aged Pension Rates 2014

Australian Aged Pension Rates 2014 The Australian Aged Pension was increased on 20th March 2014, and the new FORTNIGHTLY  rates are now: SINGLE PERSON $766.00 Base $ 62.90 Supplement $ 13.90 Clean Energy Supplement $842.80 Total This is an Increase of $15.70 per fortnight COUPLE (each) $577.40 Base $ 47.40 Supplement $ 10.50 Clean Energy …

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Apr 03 2014

Salary Sacrifice and Compulsory Super

Salary Sacrifice and Compulsory Super Compulsory Super is the 9.5% (from July 2014) that an employer must pay you on top of your taxable wages. Salary Sacrifice can cover among other things, a contribution to your own Super. Add the TWO together and you may create a problem, but this depends on the Employer. Note …

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Apr 09 2013

Compulsory Superannuation Scheme in Australia

The minimum Superannuation contribution from your Employer is rising to 9.25% from July 2013. The majority of Workers in Australia, have had individual Superannuation schemes since 1992 when the Compulsory Superannuation Scheme was first set up. From 1 July 2013 the Superannuation Contribution will start a gradual climb from 9% to 12% by 2019-20, as …

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Mar 24 2013

Superannuation information for temporary residents departing Australia

The vast majority of workers in Australia, will have superannuation (super) contributions paid by your employer into a super fund of your choice. This is to provide your financial benefits when you retire. However, if you are not staying in Australia, the question that needs asking is: Can temporary residents who leave Australia access their …

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May 18 2011

Superannuation and Retirement in Australia

Superannuation and Retirement in Australia A good website to view is www.seniors.gov.au where I found this quote: There is no statutory retirement age in Australia. www.britzinoz.com/compulsory-superannuation-scheme-in-australia In prior years, very few Australians over 50 waited until qualifying for the Age Pension before retiring. An Australian Bureau of Statistics (ABS) survey found that around 76% of men …

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Apr 13 2011

Superannuation owed to British Working Holiday Visa Holders

Superannuation owed to British Working Holiday Visa Holders in Australia Recent reports that the Australian Superannuation scheme is holding about $5.4 billion of unclaimed superannuation money in about 6.1 million accounts, makes me wonder how much of this Superannuation is owed to British, and other nationalities, working holiday visa holders. The above figures average out …

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