Everyone is working hard in their life and investing the money to save their future. Because each one knows there is a limit to their energy, they won’t be able to continue working once they reach 60th year and more of their lives. But they will still need money for a living and here comes the Age Pension help. The age pension is a fund into which a sum of money adds up during an employee’s working years, from which payments are drawn to support the person’s retirement in the form of periodic payments.
Here Are Some Eligibility Criteria.
Obviously, people can falsely claim money that deserves by others and so the eligibility rule exists. To claim your age pension help, one must fit in some defined eligibility criteria such as:
- For people born between 1 July 1955 and 31 December 1956, the eligible age for age pension help is 66 years and six months.
- For people born on or after 1 January 1957, the eligible age for pension help is 67 years.
The person must be an Australian resident for at least ten years and at least five years in a single period.
Some people can be exempted from this rule:
- If they are a refugee or have been a former refugee.
- If they have lived or worked in an agreement country.
For being an Australian resident, they must fulfill the below criteria:
- An Australian citizen
- A permanent residence visa holder
- A protected Special Category visa (SCV) holder.
The person gets a protected Special Category visa (SCV) if you arrived in Australia on a New Zealand passport and were either:
- In Australia on 26 February 2001.
- In Australia for at least 12 months in the two years immediately before this date.
- Assessed to be a protected SCV holder before 26 February 2004.
Income And Assets Tests
The tests evaluate their income and the value of their assets. If their income or assets are more than certain limits:
The person’s income includes money from:
- Earnings outside Australia
- Salary packaging
The person’s assets include things like:
- Financial investments
- Home contents, personal effects, and vehicles
- Real estate, income streams, and superannuation pensions
- Partnerships, private trusts, and private companies.
Other Points To Note For Eligibility
The person’s family home is not counted as an asset if you live in it. However, if they decide to vend, it could affect their pension. If they have any assets in another country, their value will be converted into the equivalent Australian dollar amount. It depends upon the income and assets test. Also, whether the person is single or in a marriage, they can claim to get age pension help 13 weeks before they reach age pension age.
Other Added Benefits
Usually, pensions also gives extra help. If they get the Age Pension, they may be eligible for other related benefits like:
- Center pay: a free direct bill-paying service available as a regular deduction from your Centrelink payments.
- Work Bonus: a payment that will help you earn more without reducing your pension.
- Pension concession cards: a beneficial system for those who are depending on pension.
Nevertheless, people will someday reach the age when they depend on pension plans. This above-mentioned details will be a guide for the age pension help. You can go ahead to act and check if you fit the criteria. Also, just stop stressing about the future because there is always something to help you out. And for the people who did not fit the criteria, do not worry; there are various other help available. Research and find the best suitable help for you.