New Social Security Agreement with Hungary starts today

A new social security agreement between Australia and Hungary will come into force today, making retirement a little easier for around 5000 Australian and Hungarian residents.

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

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

The Government recognises that many people live and work in more than one country, and we need measures to protect their retirement income.

The agreement gives people more freedom to move between Australia and Hungary, in the knowledge that their pension entitlements will be recognised and protected.

It means people who have moved between the two countries will now have better retirement incomes.

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

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

We have also signed an agreement with Latvia, which is expected to begin on 1 January 2013.

For further details go to http://www.fahcsia.gov.au/about-fahcsia/international/international-social-security-agreements