More than 18,000 Australians have applied for a Greek pension over the past year.
The federal government signed an agreement with Greece in October last year to allow expats living in both countries access to old age pensions.
A total of 18,311 Australians, who have lived in Greece and been covered by its social insurance scheme, have applied, Centrelink’s annual report shows.
A further 2,482 people living in Greece have also applied to receive an Australian aged pension under the agreement. Since the Agreement covers Australian and Greek Age Pensions, people will be able to move between Australia and Greece knowing that their pension rights are recognised in both countries.
Both countries will share responsibility and costs for the social security coverage of eligible age pensioners in their retirement years, according to their period of residence/insurance. The Agreement will help people in either country to satisfy the minimum qualifying residence period for an Australian pension and the minimum qualifying insurance period for a Greek pension. Periods of residence in Australia and periods of insurance in Greece can be added together to qualify for Australian and Greek pensions.
Australian Age Pensions are subject to income and assets tests, whether you live in Australia or another country
Australia has a 10 year qualifying period of residence for Age Pension. A person who lives in Australia with less than 10 years of Australian residence may qualify for an Australian pension by adding periods of insurance in Greece.
The minimum qualifying insurance period for Greece is 35 years.
Sources: smh.com.au, fahcsia.gov.au, ausemb.gr
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