Australian pension conditions

For many Australian immigration applicants, the reasons for immigration are varied. Some people want their children to receive international education in Australia, some people want to live slowly in Australia, and some people want to go to Australia to support the elderly.

If you want to go to Australia for retirement, you will be very concerned about the pension system in that country, so we have specially compiled relevant information about the pension system in Australia for your reference.

Australian pensions are mainly divided into three categories, namely government pensions and retirement pensions, and self-managed pension funds (SMSF).

I. Australian government pensions

In Australia, pension is a kind of pension subsidy provided by the government, which mainly comes from government taxes. The application is subject to conditions, and can only be collected at the Australian Welfare Department Centrelink after reaching the specified age. At present, applicants need to meet the following conditions:

1. Meet the living conditions and have lived in Australia for more than 10 years;

2. Husband and wife's property does not exceed 10000 Australian dollars except self-housing;

3. The single family property does not exceed 10000 Australian dollars except for self-occupation;

4. In recent years, Australia's pension ceiling has been continuously raised, and it will be raised to 67 years by 2023.

Second, the Australian pension fund (pension)

The Australian retirement fund is an important part of Australia's retirement security system, and employers are required by law to pay a certain percentage (premium) of employees' wages.

The expenses paid by the employer will be paid to the special pension fund management company, and then the fund management company will manage and invest the money, so as to obtain the return on investment and provide protection for the individual after retirement or/and loss of working ability.

At present, the contribution ratio of pension funds is wages, but by 2025, this contribution ratio will rise to 12%, according to the current occupational pension security system (SG) in Australia.

Third, self-managed pension fund (SMSF)

If individuals want to provide more protection for themselves when they retire, they can also go to a special pension fund management company or a self-managed pension fund (SMSF), but at present only110 more Australians have SMSF.

When an individual reaches the required retirement age or encounters a financial crisis or settles abroad, he can withdraw the money from the pension account in one lump sum or by stages according to his own situation.

Australia's perfect old-age security system has attracted a large number of Chinese people to immigrate to Australia. If you have the idea of immigrating to Australia for retirement, you are welcome to consult privately. Our professional immigration consultants will provide you with the most detailed and professional immigration plan to help you immigrate to Australia and settle down for the elderly.