Australia Pensions Changes
Published / Last Updated on 15/09/2008
Australia Pensions Changes
The Australian government has modified the administration of its temporary residents’ Superannuation policy, clearing up some of the confusion over pension transfers. Under recent guidelines, temporary residents’ Superannuation will be allowed to grow in the Superannuation fund for the entire time the person is residing in Australia.
Nick Sherry, minister for Superannuation and corporate law says “This new approach produces a fairer outcome for temporary residents as their Superannuation will remain in their fund while they are in Australia rather than being swept out annually and they will continue to be able to take their Superannuation with them when they depart”.
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