Applying for Age Pension when living overseas - for example in Asia or South America

Today let's look at applying for Age Pension when living overseas in a country that DOES NOT have Social Security Agreement with Australia. To be eligible to receive the Australian Age Pension whiles resign overseas, the following legislative requirements need to be taken into consideration: Residing in Australia Proportional portability “Former resident” rules Let’s go over those points one by one: Residing in Australia The general rule is that on the day of logging your claim for Age Pension or any other pension and allowances for that matter, you are required to be in Australia, reside in Australia AND be on of the following: Australian citizen Holder of a permanent visa or Holder of a Special Category Visa. The only time when you can apply for Age Pension while not in Australia is if you reside in a country that has Social Security Agreement with Australia. Once you received your Age Pension in Australia, you can carry the pension overseas, subject to portability rules. And for Age Pension the portability is unlimited with special conditions that “All former residents have a 24-month waiting period before their pension is portable outside Australia”. However please be aware that after 26 weeks your payment will become proportionate based on your working life residence (AWLR). Proportional portability What is Proportional Portability? Well…, your Age Pension can be paid to you if residing overseas indefinitely (as explained before based on portability special condition), however after a period of 26 weeks of residing overseas, your rate of Age Pension payment will be calculated proportionally to you working life residence in Australia. This is your working life residence in Australia that refers to any or all periods from the age of 16 to Age Pension age when you are considered an Australian resident. Although it is named “working life residence” it does not actually require you to be working or even paying taxes, but it does look at your Australian residency history and years as a resident of Australia. From 1st July 2014, in order to qualify for the full Age Pension payment, your working life of residence in Australia is required to be 35 years (420 months). Before the requirement was 25 years. “Former resident” rules This rule prevents former residents of Australia from returning to Australia, claiming the Age Pension and immediately moving overseas again to live permanently overseas. With this rule, as explained before by portability rules, you are required to remain in Australia for at least 2 years (24 months) before being eligible to take the Age Pension payment overseas with you. Video Mentioned: How to prepare an application for Age Pension    • How to prepare an application for Age Pension   How to claim Age Pension if you are overseas    • How to claim Age Pension if you are overseas   To download the book 12 PRINCIPLES OF INVESTING: https://ebook.aboutretirement.com.au/... Contact details: Katherine Isbrandt of About Retirement Website: https://aboutretirement.com.au/ Email: hello@aboutretirement.com.au Or connect with me: https://www.facebook.com/katherineisb...   / katherineisbrandt     / katherineisbrandt   https://www.pinterest.com.au/katherin... FSG: https://aboutretirement.com.au/wp-con... Katherine’s Adviser Profile: https://aboutretirement.com.au/wp-con... #KatherineIsbrandt #Aboutretirement #AgePensionApplicationWhenLivingOversea