Another site has launched recently that may be considered to be essential reading for anyone intending to retire in New Zealand, whether they be a migrant or a returning New Zealander.
It’s at NZ Pension Protest.com – and is called “The New Zealand Pension Rip-Off – How the government confiscates overseas pensions”
The author said:
“People entitled to a New Zealand pension, New Zealand Superannuation, who also receive an overseas pension, are likely to be in for an unpleasant surprise: their overseas pension will be deducted from their New Zealand Super.
This is called Direct Deduction. If this person’s overseas pension exceeds the NZ Super rate for one individual, the “excess” amount is carried over to their partner’s entitlement and deducted from his or her NZ Super. This is called Spousal Provision. The practice is governed by Section 70 of the Social Security Act.
In a worst-case scenario, one partner’s high overseas pension can cancel out a couple’s combined New Zealand pension entitlement. The New Zealand government uses other states’ contributory pension provisions for the payment of the NZ Super benefit…”
You may also be interested in retirement related issues in the following posts:
Trans-Tasman Migration Set to Soar – “An increase in compulsory employer contributions to superannuation in Australia may see more New Zealanders moving across the Tasman..”
New Zealand’s Aging Population and the Great Kiwi Brain Drain – “According to data recently released by Statistics New Zealand the number of families is predicted to rise to 1.44 million by 2031, an increase of 269,000 (23 percent) from an estimated 1.17 million families at 30 June 2006. However, the majority of those families will be’ empty nesters‘, i.e. couples aged 50 and over…” (December 2008)