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[Daisy75]

//Just a tip if you are retired you are entitled to withdraw your super as a lump sum immediately

Wow, i have never heard of this before.

[david96]

Before withdrawing all your super you should consider an option known as an allocated pension from your fund.
This has tax advantages and depending on the amount you may still claim the age {retirement) pension.
If you withdraw your money from your fund as a lump sum tax free you will have to pay tax on the income when you reinvest it to obtain an income and you may not get the same returns.
Contact your superannuation fund for further information.
The purpose of super is to generate an income in ones retirement years.

[fishhooks]

Good points David,

The way the financial scene is at present, it needs a day to day study of what's going on!

Unfortunately the Financial Advisory industry are still mainly telling people that they must take a "long term" look at their situation and still push people into mainly market linked schemes.

They quote the Stock Market always "coming good again"

This may have been true of past history, but I really feel that nervousness in financial circles has overtaken history and may no longer be true.

It's a real shame in Australia, that we cannot invest our Super funds in something paying a reasonable return and still having tax advantages.

Just how "long term" has anyone got?

[GungaDin]

Worth a look!  www.raboplus.com.au  check out term deposits.  

Rabobank is an agribank.

Thanks to a member on this forum for tipping me off.

[Nignoy]

After withdrawing our superannuation we were advised to use it to pay off the rest of the Mortgage, and if less than 80,000dollars were left over you are entitled to declare it tax free as a  maintenance plan for your home for  up to a 15 year period, this was the advice given to us by centrelink and we were helped by them to set all this up.Persons over the age of 55 who retire or withdraw from the workforce are entitled full access to their superannuation by law. Centrelink supply all information and forms for this Nignoy

[Mason45]

Xangsamhua, on 2008-03-14 15:50:47, said:

Mason45, on 2008-02-15 11:25:00, said:

Mason45, on 2008-02-15 08:46:15, said:

I just received an email reply from Nicola Roxons office, it told me to contact Centrelink International Services on 03 6222 3765 and that it would be much better for me to contact the CIS myself and give the finer details of my case. After waiting 24 days for a reply I expected a bit more response from my local member than that but then again we are a minority and the next federal election is a long way off.

The latest email I received is from Centrelink International Services, my email was passed on to them from Joe Ludwigs office. This email states that I should contact Nigel Males at CIS to discuss my case, the phone number is :#61 3 6222 2908, the line is open from 9am-5pm weekdays. You can call this number and reverse the charges or call first give your number and your call will be returned. Maybe we're getting somewhere after all, anyway nothing ventured nothing gained.

Would be interested to know how you got on with CIS.  I've had no replies to two emails to Arch Bevis (MHR Brisbane) that I sent a long time ago.

Sorry for the delay as I've been contemplating a trip back to Melbourne for business etc for awhile now.  I'm departing Bkk on April 17 and returning 3 weeks later, whilst I'm in Melbourne I will follow this issue up extensivley including contacting Nigel Males at Centrelinks International office (03 6222 2908), I will report back as soon as I arrive back in Bkk.

[Mason45]

Daisy75, on 2008-03-15 18:01:49, said:

//Just a tip if you are retired you are entitled to withdraw your super as a lump sum immediately

Wow, i have never heard of this before.

I believe that law pertaining to lump sum supa withdrawals was revised by the former Federal Treasurer Peter Costello as from 01 October 2006 and that any withdrawals by a retiree (must be out of the work force) 55 yo and over would be tax free.

[jackspratt]

Mason45, on 2008-03-21 13:31:13, said:

Daisy75, on 2008-03-15 18:01:49, said:

//Just a tip if you are retired you are entitled to withdraw your super as a lump sum immediately

Wow, i have never heard of this before.

I believe that law pertaining to lump sum supa withdrawals was revised by the former Federal Treasurer Peter Costello as from 01 October 2006 and that any withdrawals by a retiree (must be out of the work force) 55 yo and over would be tax free.

Not quite correct. Between 55 and 60 withdrawals are subject to (a concessionary rate of) tax.

After 60, no tax (unless the superannuation is being drawn from a previously untaxed fund eg public servants and some others).

[barrj46]

Rules relating to the payment of Australian age and invalid pensions have changed repeatedly over the years, commencing in the days of the greek migration scam back in the late 1970's.   Currently age pensions may only be paid overseas for a maximum of 12 weeks.   You must be considered an "Australian Resident" to qualify for payment of pension.  An ex Australian resident who returns from overseas simply to claim pension and return overseas will not be entitled to payment.

Some people who are currently receiving payments of Australian pensions overseas, may have qualified for payments under previous legislative provisions and now be subject to "savings provisions", others may simply not have informed Centrelink and have somehow escaped the data matching against your immigration card that you complete when leaving and arriving in Australia.

Plenty of case history available on the website of the Administrative Appeals Tribunal - www.aat.gov.au or the Federal Court - www.fedcourt.gov.au

[fishhooks]

So you are a member of the "Lucky Country" if you mainly stay on these shores regardless of what you may have contributed over your working life.

What the hel_l difference should it make where you want to spend your more senior years, you have done your bit previously and that is what one would think you are getting this "small" reward for!

Many things one may not like about "Big Brother USA" (and probably other countries) but their citizens are free to do what ever they want with what they earned as an entitlement during their earlier years.

In actual fact, retirees living overseas are far less of a drain on this nation's resources by being overseas and not claiming some of the other things available if you were here!

[barrj46]

I think most people would agree with you fishhooks.  The one difference with other countries is that they (US for example) have contributory pension schemes where Australia does not.  Your pension or your parents pensions are paid from general revenue paid for by the current taxpayers.   In the US, you pay your taxes, plus you must pay pension contributions on top of your taxes.   I don't agree with it, but that's the way it is unfortunately.

Superannuation will make it all irrelevent in the future in any case, in which case you have paid for it and can have it paid to you and spend it where you like.

BJ

[ozzydom]

barrj46, on 2008-04-16 18:04:57, said:

Rules relating to the payment of Australian age and invalid pensions have changed repeatedly over the years, commencing in the days of the greek migration scam back in the late 1970's.   Currently age pensions may only be paid overseas for a maximum of 12 weeks.   You must be considered an "Australian Resident" to qualify for payment of pension.  An ex Australian resident who returns from overseas simply to claim pension and return overseas will not be entitled to payment.

Some people who are currently receiving payments of Australian pensions overseas, may have qualified for payments under previous legislative provisions and now be subject to "savings provisions", others may simply not have informed Centrelink and have somehow escaped the data matching against your immigration card that you complete when leaving and arriving in Australia.

Plenty of case history available on the website of the Administrative Appeals Tribunal - www.aat.gov.au or the Federal Court - www.fedcourt.gov.au

I dont know whether or not there has been a change in policy or regulation lately, but I am on Oz OAP and recently was placed on International status as I have lived in Thailand continuously for the last 7 years , they also upgraded my pension to the maximum single rate.
All that was required was that I provide my Thailand adress and contact number.

[GungaDin]

^^^  That post will stir things up.  

[fishhooks]

Very interesting "ozzydom"
Did you have to apply and make a special request, or did it just happen out of the blue.
Certainly fly's in the face of the 12 week maximum rule.

[think_too_mut]

It was discussed on the board over years, seems nobody remembers or new people have came here.

It is simple: if you were enjoying your golden years in Thai, who from your Thai family will rush to report your death to Oz Embassy? They would just receive and enjoy your pension checks as long as it lasts.

That is why all those 12-13 weeks and "always in contact" with CentreLink play a role.

UK and some other countries have that mechanism of reporting to Oz. Thailand does not.

[Nignoy]

think_too_mut, on 2008-04-28 20:58:02, said:

It was discussed on the board over years, seems nobody remembers or new people have came here.

It is simple: if you were enjoying your golden years in Thai, who from your Thai family will rush to report your death to Oz Embassy? They would just receive and enjoy your pension checks as long as it lasts.

That is why all those 12-13 weeks and "always in contact" with CentreLink play a role.

UK and some other countries have that mechanism of reporting to Oz. Thailand does not.

I think I mentioned this in an earlier thread as well Nignoy

[fishhooks]

So, are we saying that you will be paid for a maximum of 12 weeks upon leaving Australia if you fall out of contact with Centrelink, or by maintaining contact with them prior to the 12 weeks expiring, your payments will continue?

[think_too_mut]

fishhooks, on 2008-05-02 20:56:11, said:

So, are we saying that you will be paid for a maximum of 12 weeks upon leaving Australia if you fall out of contact with Centrelink, or by maintaining contact with them prior to the 12 weeks expiring, your payments will continue?

It sounded even worse: one TV member said you have to be on the Australian soil every 3 months, in person or you give the CL an Oz phone number and they call you back. No tricks like forwards and call diversion would work.

[ozzydom]

Righto,for a start,the 12 week rule was not mentioned.

The reason all this came about was that I had been in T,land for 6 years without a communication from C/L and they decided to send me a letter,which went to my Oz mail address ,which again unknown to me ,my mate had vacated,so the letter was returned to C/L who when this happens stop your pension.

I contacted C/l International in Hobart who offered to ring me back,(which I gladly accepted).The letter they had sent was to update my assets and liabilities ,the figures they had  included property and monies ,much of which went with my ex-wife 10 years ago. So consequently I had been receiving over $100 a month less than my entitlement.

All I had to do was give them my Thailand address (no OZ adress required.) My Thailand cell phone number and fill in a new A & L form which they sent me.

About 10 days after returning the paperwork, they rang me and said that my pension had been adjusted to maximum and that I had been placed on the International status list, which they advised me, means that my pension will be paid monthly instead of fortnightly.

During these goings on ,I spoke to about 5 different people at C/L International and they were all exceptionally gracious to deal with.(maybe the fact that they were all Tasmanians had a lot to do with it)

My advise when dealing with C/L is ,tell the truth at all times as what they have on all of us on their data base is amazing. They can literally tell you what colour toilet paper you use.

[fishhooks]

So you are saying with surety, that if one is at the correct age of 65 (for most of us), have the allowable amounts of assets etc (allowing for the sliding scale of payment), are up-front with all your dealings with Centrelink, (wise anyway), you will be placed on the "International Status List" and can live overseas and be paid  monthly (probably into an Australian bank account)

[david96]

fishhooks, on 2008-05-04 20:12:36, said:

So you are saying with surety, that if one is at the correct age of 65 (for most of us), have the allowable amounts of assets etc (allowing for the sliding scale of payment), are up-front with all your dealings with Centrelink, (wise anyway), you will be placed on the "International Status List" and can live overseas and be paid  monthly (probably into an Australian bank account)

This would appear to be correct and only applies to age (retirement) 65+ claimants.
Remember Thailand does not have social security agreements with Australia which apply to many European countries including the UK.

[ozzydom]

fishhooks, on 2008-05-04 19:12:36, said:

So you are saying with surety, that if one is at the correct age of 65 (for most of us), have the allowable amounts of assets etc (allowing for the sliding scale of payment), are up-front with all your dealings with Centrelink, (wise anyway), you will be placed on the "International Status List" and can live overseas and be paid  monthly (probably into an Australian bank account)

I posted what transpired in my case , I was fully expecting some flack so was pleasantly surprised with the outcome,I did not ask for anything , the final result was all offered to me.
I was not and indeed am still not aware of current regulations pertaining to pensioners abroad but you do not look a gift horse in the mouth.

I have no family in Oz, having outlived them  so it was a weight off my mind to know I can live out my declining years in S/E Asia , Now if Thai Immigration were to be as gracious ,Whoopeee.

[fishhooks]

As far as Thailand is concerned I guess I'm okay to stay there, as long as when I am on their soil I report each 90 days and keep a few bob in the SCB.

I hear what you are saying with regard to what "transpired in your case", however the guidlines are usually fairly explicit and if you (or anyone else in the same situation) was not entitled to be paid from afar, I'm sure you would not be getting it.

I must admit, I'm quite surprised, as I've only heard in the past that if one doesn't call Oz their home and remain here most of the time after 65, the payment stops!

Maybe, and I think someone else hinted at this, one needs to channel their case specifically through the Hobart office as it's their little domain.
It wouldn't be too hard to imagine that other Centrelink areas don't know or care about this fact, so people trying to find out about their entitlements are just sent away and think they have no chance of being paid.

It's also a shame that complete info isn't in print somewhere so everyone has a 'fighting' chance.

[ozzydom]

Totally agree with you fishhooks, the Embassy told me last year about the 13 weeks business so unless there has been a change in policy /regulations even they dont know.
Although I did notice in reading the CL link that aged pensioners can receive benifits overseas but possibly at a reduced level,which may only mean that you cannot claim "extras" while outside Oz.

Another point that may interest other  OAP recipients living here, I rang CL Hobart this morning because they had put a small payment in my account (less than $100) ,and I initially thought the worst.
But evidentally we are paid a loading every 12 weeks in lieu of claiming extras (relief).
I have always encountered difficulties with getting replacement debit cards from my Oz bank (usually go missing in transit) and the Oz banks wont send them direct to you. Plus of course the $4 debit fee every withdrawal.
I mentioned this problem this morning and they are sending me a form to return to them with my Thai bank details so that CL can deposit my pension direct into that account in Thai Baht.

cheers
ozzydom

[Goinghomesoon]

The Centrelink information sheet "Are you leaving Australia" says you can generally continue to receive your old age pension for the whole period you are outside Australia but the rate you receive may change.
  
www.centrelink.gov.au/internet/internet.nsf/publications/int019.htm

Edited by Goinghomesoon, 2008-05-07 13:07:25.