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Old Sep 24th 2017, 11:18 pm   #1
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Default Tax and Social Question

Hi - can you nice folks explain the tax/NI equivalent situation in NZ. I have the following questions which concern me and my wife

Q. If I am working (work to residency visa) and my wife isnt - will she need to pay any contributions? We have a under school age child

Q. Do you get a state pension in NZ and what do you need to do to receive this on retirement (assuming 20+ years of NI contributions in UK)

Q. What is the ACC and is this only for employees? Does my wife pay this if not working?

Thanks all!
Mark
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Old Sep 25th 2017, 3:56 am   #2
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Default Re: Tax and Social Question

Quote:
Originally Posted by macraem View Post
Hi - can you nice folks explain the tax/NI equivalent situation in NZ. I have the following questions which concern me and my wife

Q. If I am working (work to residency visa) and my wife isnt - will she need to pay any contributions? We have a under school age child

Q. Do you get a state pension in NZ and what do you need to do to receive this on retirement (assuming 20+ years of NI contributions in UK)

Q. What is the ACC and is this only for employees? Does my wife pay this if not working?

Thanks all!
Mark
Welcome Mark,

No to wife making any contributions if she is not getting any income.

You have an option for a Kiwi Saver,

ACC is the Accident Compensation Corporation, so if you have an accident and they accept your claim they may pay some money towards care. You only contribute if you are working, not sure if you can voluntarily contribute.

hope that helps
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Last edited by MrsFychan; Sep 25th 2017 at 11:10 am.
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Old Sep 25th 2017, 7:31 am   #3
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Default Re: Tax and Social Question

Quote:
Originally Posted by macraem View Post
Hi - can you nice folks explain the tax/NI equivalent situation in NZ. I have the following questions which concern me and my wife
H'okay.
Quote:
Q. If I am working (work to residency visa) and my wife isnt - will she need to pay any contributions? We have a under school age child
Nopes.

Quote:
Q. Do you get a state pension in NZ and what do you need to do to receive this on retirement (assuming 20+ years of NI contributions in UK)
Yups.

You must also have lived in New Zealand as an NZ residentfor at least 10 years since you turned 20. Five of those years must be since you turned 50.
Time spent overseas in certain countries and for certain reasons may be counted for New Zealand Superannuation

NZ will claw back any UK entitlement as there is a reciprocal agreement.

Note. A temporary work visa does not allow you this . You need to become NZ resident.

Quote:
Q. What is the ACC and is this only for employees? Does my wife pay this if not working?
It is for everyone regardless of working or not. It is taxation really & works like the NHS in a way. Everyone covered to a certain degree.

ACC covers all manner of health issues. I know Accident is in the name but it is a type of No Fault insurance where everyone employed / employer must contribute.
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Old Sep 25th 2017, 9:18 am   #4
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Default Re: Tax and Social Question

KiwiSaver is only available if you are resident or citizen. Work visa you won’t be entitled to join.
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Old Sep 25th 2017, 9:00 pm   #5
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Default Re: Tax and Social Question

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KiwiSaver is only available if you are resident or citizen. Work visa you won’t be entitled to join.
True. Macream should check with the employer ref this as some auto deduct .
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Old Sep 27th 2017, 9:46 pm   #6
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Default Re: Tax and Social Question

Hi all, can I chip in on State Pensions?

When you reach retirement age you will be able to choose between either a UK State Pension or a NZ State Pension (called NZ Superannuation). There are a few advantages and disadvantages so make sure you have all the information before deciding, but you don't have to do anything until a few months before age 65 before having to make the decision.

Due to the Social Security Agreement between the UK and NZ, time spent in the UK counts towards the 10 year qualifying period. This effectively means you will be able to claim a NZ state Pension as soon as you turn 65. Sorry to say but the 20 years of N.I contributions have no bearing on the NZ state pension


State Pensions
A UK State Pension can be ‘swapped’ for a NZ Government Superannuation payment. As NZ has a reciprocal agreement with the UK, NZ treats UK ex-pats as part of the family. NZ Superannuation can be claimed from age 65 providing you are a NZ Citizen or Permanent Resident. The NZ Govt will collect the amount owed to you from your UK state pension to offset its own cost and you receive the full NZ amount which is around $300 p/w. This usually increases with inflation each year.

If you would prefer to receive your UK state pension, then you can. However the amount will be frozen from the date of the first payment and will not increase with inflation. In the good old days when the currency was at $3 per GBP, then you might have been better electing a UK payment, but with the currency at current levels, the calculations suggest the NZ Superannuation payment is better.

One last thing, if you decide to return to the UK after a few years, then time spent in NZ counts as extra years towards your NI contributions.
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