New social security agreement with Latvia

A new social security agreement between Australia and Latvia will make retirement easier for about 2,000 Australian and Latvian residents.

From today, people who have spent part of their adult lives in both Australia and Latvia will have access to pensions from both countries.

Australians currently living in Latvia will have better access to the Australian Age Pension, while Australian residents who previously lived in Latvia will have better access to the Latvian old age and survivors’ pensions.

The Australian Government recognises that many people live and work in more than one country, and that strong measures are needed to protect their retirement income.

This social security agreement means people who have moved between Australia and Latvia will now have access to better retirement incomes, and gives people more freedom to move between the two countries in the knowledge that their pension entitlements will be recognised and protected.

The agreement also removes the requirement for compulsory contributions to be paid into both countries’ superannuation and pension systems for temporarily seconded workers.

Australia now has social security agreements in place with 29 countries: Austria, Belgium, Canada, Chile, Croatia, Cyprus, the Czech Republic, Denmark, Finland, the former Yugoslav Republic of Macedonia, Germany, Greece, Hungary, Ireland, Italy, Japan, Korea, Latvia, Malta, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Slovenia, Spain, Switzerland and the USA.

For further details go to www.fahcsia.gov.au/node/5172/#LAT