10.22.100 Korean Glossary

Introduction

This section contains a list of terms used in and applicable to the Agreement with Korea.

Benefit

For Australia, benefit means Age. It includes any additional amount or increase in respect of a person who qualifies for that additional amount. This includes pension supplement and RA for people in Australia, but any additional amounts are subject to portability restrictions under the SSAct.

For Korea, benefit means the Korean old-age pension and lump sum refund.

Legislation

In relation to Australia, legislation means the laws which make up the social security legislation relating to the age pension. In Part II of the Agreement it applies to the Superannuation Guarantee (Administration) Act 1992, the Superannuation Guarantee Charge Act 1992, and the Superannuation (Administration) Regulations.

In relation to Korea it means the National Pension Act and enforcement rules and regulations thereof.

Period of Australian Working Life Residence

In relation to Australia this means a period of AWLR as defined in the SS(IntAgree)Act (i.e. the period of residence in Australia between the ages of 16 and reaching age pension age).

In relation to Korea the definition is limited to periods during which the person is employed or self-employed in Australia (see Schedule 21 Article 13(1)).

Period of Coverage
In relation to Korea this means a period of contributions under the legislation of Korea and any other period taken into account under that legislation for establishing an entitlement to benefits or for calculating the amount of benefits
Last reviewed: 20 March 2015