Pension — Age Pension plus Superannuation

Australian retirement income runs on two pillars: a tax-funded Age Pension and a mandatory employer-funded Superannuation account. The biggest contrast with Korea's National Pension is that you don't pay a separate contribution from your wage — Super is paid by the employer on top of salary, and Age Pension comes from general taxation.

Age Pension (public pension)

• Eligibility age: 67 (for those born on or after 1 July 1957).
• Residence requirement: generally 10 years total Australian residence (with 5 years continuous); new permanent residents may also be subject to NARWP.
• Assets test and income test: you have to clear both. The government applies whichever produces the lower payment. The primary residence is excluded from the assets test, but second properties, savings, shares, and vehicles all count.
• Amount: in 2026, around AUD 1,150–1,200 per fortnight for singles and around AUD 1,800 per fortnight for couples combined; indexed in March and September. Confirm exact figures on the Services Australia site.

Superannuation ("Super")

• Superannuation Guarantee (SG): 11.5% of wages in 2025–26, scheduled to rise to 12.0% from 1 July 2026.
• Tax treatment: earnings inside the fund are taxed at a low 15%, and most withdrawals from age 60 onwards are tax-free.
• Preservation age (when you can access it): generally age 60 once you retire or meet a condition of release.
• Choice of fund: you can pick your own super fund (industry, retail, or SMSF). Under "stapling", your existing fund follows you when you change jobs rather than splitting into a new one each time.

What matters most for Korean nationals — the Korea–Australia social security agreement

• The Korea–Australia social security agreement (in force 2008) lets you combine Korean National Pension contributions and Australian residence to claim pensions in either country.
• If you reach 67 in Australia but fall short of the 10-year residence test, Korean contribution years can fill the gap, and vice versa for the Korean side.
• Each country pays only the share corresponding to its own contribution/residence period, so think of it as two partial pensions rather than one combined amount.

Tips for temporary visa holders and migrants

• Even on a temporary visa (e.g. 482 TSS), employers must still pay Super. When you leave Australia permanently you can claim it via DASP (Departing Australia Superannuation Payment), but tax of around 35–65% applies on withdrawal — run a tax simulation before deciding.
• If you become a PR and plan to stay, leaving Super in the fund until age 60 is generally the most tax-efficient option.

Official guidance: Services Australia: Age Pension, ATO: Super