NZ Pension Agreement: What You Need to Know
Retirement can be a tricky and complicated time in anyone`s life. You`re not only planning to stop working after years of labor but also concerned about how your finances will work out. One thing that helps is a pension.
If you are a citizen or resident of New Zealand and planning to retire overseas, the NZ pension agreement can be an essential consideration. It is a bilateral social security agreement between New Zealand and other countries, which allows people to continue receiving NZ Superannuation and other related benefits while living abroad.
Here`s what you need to know about the NZ pension agreement.
Who is eligible?
The NZ pension agreement is for those who have contributed to the New Zealand Superannuation Fund and meet the criteria for eligibility. You must have lived or worked in New Zealand for at least ten years since you turned 20 to be eligible for NZ Superannuation payments.
If you have lived or worked in a country that has a social security agreement with New Zealand, you could still be eligible for NZ Superannuation payments while living abroad.
Which countries have an agreement with New Zealand?
New Zealand has social security agreements with 30 countries, including Australia, Canada, and the United Kingdom. These agreements allow people who have lived or worked in New Zealand and those countries to access their pension payments while living abroad.
Other countries that have an agreement with New Zealand include Belgium, Croatia, Denmark, France, Germany, Ireland, Italy, Japan, and the Netherlands.
How to apply for the NZ Pension
If you`re planning on retiring overseas and want to continue receiving NZ Superannuation payments, you should apply for the NZ Pension at least three months before you plan to leave New Zealand.
You can download an application form from the Ministry of Social Development website, fill it in and then send it to the International Services team at Work and Income New Zealand.
It`s important to keep in mind that you need to provide specific documentation, including tax details and proof of identity.
In conclusion, the New Zealand Pension Agreement can be of great help to individuals who have lived and worked in New Zealand and plan to retire overseas. However, if you`re planning to retire abroad, make sure you go through the requirements and eligibility criteria before applying for NZ Superannuation payments. With proper planning, you can ensure a financially stable and comfortable retirement overseas.