# Aussie pensions, SRRV requirements, banking.



## bigpearl (Jan 24, 2016)

Spin off from another thread related to US pensions and banking.

Firstly we live here in PH, better half a PH national/Aussie perm res and I'm back here on a tourist visa since March 2020, in 20 months I need to leave if possible, I'm thinking if things don't settle with the current pandemic that won't happen or will happen but possibly no return. We are self funded and don't receive a pension until I decide to draw a pension on my superannuation which we don't need for years to come but.

Borders reopen, all good, visa run. (worried about nothing)

If I/we leave and can't return it will be expensive with rent, living costs etc in Australia or even another country and all that aside we leave our house here empty,,,,, not a good look and open to advantageous individuals.

Short circuit, I draw a pension and apply for an SRRV in say 12 months leaving myself 6 months grace until I have to leave or the SRRV should be accomplished. Yep at least 12 months of thinking/planning.
If I secure the SRRV, does my pension have to be paid into a Philippines bank account or is it just the paperwork to satisfy the PRA requirements as my minimum pension from my super by Gov law in Oz is 4% and in 3 years goes to 5% so there will be 850 to 900K of surplus funds after our basic living costs here that I really want to see in our Aussie bank accounts that is guaranteed to AU 250K instead of the PHP 500K or some 13.5K AU. Able to play with excess funds etc.
Pension paid to your home country account or does it have to show up in a PH. account?

Please only reply if you are on a pension based SRRV for over 50's.

Cheers, Steve.


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