Retirement funds have a number of ways to make you eligible for a pension, but the easiest way to do it is to apply for one.
In Australia, there are three types of pensions: defined benefit, defined contribution, and defined contribution annuity.
To be eligible for any of these, you have to meet a certain set of criteria: have lived in Australia for at least six months before you retire, and you can’t be a dual national or a permanent resident.
If you are a resident of Australia for less than six months, you can be a citizen of the Commonwealth.
That means you can receive an Australian pension, even if you’ve lived overseas.
And there’s another category of pension called a defined contribution.
This pension is given to you for life.
It’s also known as a fixed-term pension or a variable-term Pension.
You can get it from your pension fund if you’re over 50.
But for people aged 60 and over, there’s an age of eligibility that applies.
And if you don’t meet that criteria, you’ll still be eligible to get an Australian Pension. Read more