NZ State Pension available to ALL UK expats aged 65+
Jul 24th 2012, 12:46 am
#1
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NZ State Pension available to ALL UK expats aged 65+
Did anyone see the article in the Sunday Star Times (22/07/2012)?
It appears to me that the editor was mixing up a few facts and caused more confusion than anything else.
The good news for British Ex-Pats is that NZ is very kind when it comes to paying a NZ Superannuation payment. So many ex-pats are unaware that they can 'swap' their UK State pension for a NZ Superannuation payment and be better off. The payments range between $302.40 and $400.07 (per week) depending on circumstances, this is way better than the full UK State pension which is £107.45. And while the UK amount is frozen in time, the NZ payment is not.
There is no qualifying period, no requirement to have lived in NZ for a certain number of years .... the only requirement is that you are aged 65.
So if anyone tells you that you have to live in NZ for 10 years before claiming NZ Superannuation, you can refer them to this piece in the manual:
Work and Income website: http://www.workandincome.govt.nz/ind...annuation.html
And from the WINZ manual, this is a MUST read: http://www.workandincome.govt.nz/man...kingdom-05.htm
Happy retirement!
It appears to me that the editor was mixing up a few facts and caused more confusion than anything else.
The good news for British Ex-Pats is that NZ is very kind when it comes to paying a NZ Superannuation payment. So many ex-pats are unaware that they can 'swap' their UK State pension for a NZ Superannuation payment and be better off. The payments range between $302.40 and $400.07 (per week) depending on circumstances, this is way better than the full UK State pension which is £107.45. And while the UK amount is frozen in time, the NZ payment is not.
There is no qualifying period, no requirement to have lived in NZ for a certain number of years .... the only requirement is that you are aged 65.
So if anyone tells you that you have to live in NZ for 10 years before claiming NZ Superannuation, you can refer them to this piece in the manual:
Work and Income website: http://www.workandincome.govt.nz/ind...annuation.html
And from the WINZ manual, this is a MUST read: http://www.workandincome.govt.nz/man...kingdom-05.htm
Happy retirement!
Jul 24th 2012, 1:28 am
#2
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Re: NZ State Pension available to ALL UK expats aged 65+
Did anyone see the article in the Sunday Star Times (22/07/2012)?
It appears to me that the editor was mixing up a few facts and caused more confusion than anything else.
The good news for British Ex-Pats is that NZ is very kind when it comes to paying a NZ Superannuation payment. So many ex-pats are unaware that they can 'swap' their UK State pension for a NZ Superannuation payment and be better off. The payments range between $302.40 and $400.07 (per week) depending on circumstances, this is way better than the full UK State pension which is £107.45. And while the UK amount is frozen in time, the NZ payment is not.
There is no qualifying period, no requirement to have lived in NZ for a certain number of years .... the only requirement is that you are aged 65.
So if anyone tells you that you have to live in NZ for 10 years before claiming NZ Superannuation, you can refer them to this piece in the manual:
Work and Income website: http://www.workandincome.govt.nz/ind...annuation.html
And from the WINZ manual, this is a MUST read: http://www.workandincome.govt.nz/man...kingdom-05.htm
Happy retirement!
It appears to me that the editor was mixing up a few facts and caused more confusion than anything else.
The good news for British Ex-Pats is that NZ is very kind when it comes to paying a NZ Superannuation payment. So many ex-pats are unaware that they can 'swap' their UK State pension for a NZ Superannuation payment and be better off. The payments range between $302.40 and $400.07 (per week) depending on circumstances, this is way better than the full UK State pension which is £107.45. And while the UK amount is frozen in time, the NZ payment is not.
There is no qualifying period, no requirement to have lived in NZ for a certain number of years .... the only requirement is that you are aged 65.
So if anyone tells you that you have to live in NZ for 10 years before claiming NZ Superannuation, you can refer them to this piece in the manual:
Work and Income website: http://www.workandincome.govt.nz/ind...annuation.html
And from the WINZ manual, this is a MUST read: http://www.workandincome.govt.nz/man...kingdom-05.htm
Happy retirement!
The reason I ask is I spent 3 years in Sweden and they told me way back when that I needed to have paid supper then.
Jul 24th 2012, 2:08 am
#3
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Re: NZ State Pension available to ALL UK expats aged 65+
You do not need to have 'full paid up' contributions to the UK state pension. As long as you are 65, then you will qualify for the full NZ Superannuation payment.
The way it works it that your UK State Pension is paid into a special bank account which can only be accessed by Work and Income, and you receive the NZ Superannuation payment. Thats what I mean by 'swapping'. From the NZ Govts point of view, it costs them less, but you end up better off.
Topping up National Insurance contributions for the UK State Pension is practically lost money!!
The way it works it that your UK State Pension is paid into a special bank account which can only be accessed by Work and Income, and you receive the NZ Superannuation payment. Thats what I mean by 'swapping'. From the NZ Govts point of view, it costs them less, but you end up better off.
Topping up National Insurance contributions for the UK State Pension is practically lost money!!
Jul 24th 2012, 11:19 am
#5
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Re: NZ State Pension available to ALL UK expats aged 65+
Did anyone see the article in the Sunday Star Times (22/07/2012)?
It appears to me that the editor was mixing up a few facts and caused more confusion than anything else.
The good news for British Ex-Pats is that NZ is very kind when it comes to paying a NZ Superannuation payment. So many ex-pats are unaware that they can 'swap' their UK State pension for a NZ Superannuation payment and be better off. The payments range between $302.40 and $400.07 (per week) depending on circumstances, this is way better than the full UK State pension which is £107.45. And while the UK amount is frozen in time, the NZ payment is not.
There is no qualifying period, no requirement to have lived in NZ for a certain number of years .... the only requirement is that you are aged 65.
So if anyone tells you that you have to live in NZ for 10 years before claiming NZ Superannuation, you can refer them to this piece in the manual:
Work and Income website: http://www.workandincome.govt.nz/ind...annuation.html
And from the WINZ manual, this is a MUST read: http://www.workandincome.govt.nz/man...kingdom-05.htm
Happy retirement!
It appears to me that the editor was mixing up a few facts and caused more confusion than anything else.
The good news for British Ex-Pats is that NZ is very kind when it comes to paying a NZ Superannuation payment. So many ex-pats are unaware that they can 'swap' their UK State pension for a NZ Superannuation payment and be better off. The payments range between $302.40 and $400.07 (per week) depending on circumstances, this is way better than the full UK State pension which is £107.45. And while the UK amount is frozen in time, the NZ payment is not.
There is no qualifying period, no requirement to have lived in NZ for a certain number of years .... the only requirement is that you are aged 65.
So if anyone tells you that you have to live in NZ for 10 years before claiming NZ Superannuation, you can refer them to this piece in the manual:
Work and Income website: http://www.workandincome.govt.nz/ind...annuation.html
And from the WINZ manual, this is a MUST read: http://www.workandincome.govt.nz/man...kingdom-05.htm
Happy retirement!
Would love to read the 2 articles from WINZ, could you please confirm if the links work for you, or is it just me
Jul 24th 2012, 12:41 pm
#6
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Re: NZ State Pension available to ALL UK expats aged 65+
That should get you to one of them, don't know about the second one.
Jul 24th 2012, 12:45 pm
#7
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Re: NZ State Pension available to ALL UK expats aged 65+
http://workandincome.govt.nz/individ...ion/index.html
That should get you to one of them, don't know about the second one.
That should get you to one of them, don't know about the second one.
Just need the other one now. . .
Jul 24th 2012, 6:08 pm
#8
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Posts: 87
Re: NZ State Pension available to ALL UK expats aged 65+
The article appears to be based on this paper and there does seem to be something to it.
http://ips.ac.nz/publications/files/f40383fed1f.pdf
It seems to suggest (to me) that a pension to which you've actively subscribed i.e. the opting out option, may be taken into consideration and deducted from NZ super.
A couple of other points - I recently inquired about my UK pension entitlement - and though I paid less than 40 years NI (and part of that was opted out) I, as a single person, will shortly receive £157 a week rather than the basic £107 ( and yes, I was very surprised too).
They tell you it will be paid monthly in arrears - if you say no, and ask for it paid weekly they comply without question.
Though the UK pension is frozen for ex-UK NZ residents If you return to the UK, if even for a short period of a few weeks, you can have it temporarily unfrozen. (Whether it's worth the effort is debatable).
If you've taken the NZ super instead and leave the country for more than 3(?) months WINS stop paying the super, apparently.
http://ips.ac.nz/publications/files/f40383fed1f.pdf
It seems to suggest (to me) that a pension to which you've actively subscribed i.e. the opting out option, may be taken into consideration and deducted from NZ super.
A couple of other points - I recently inquired about my UK pension entitlement - and though I paid less than 40 years NI (and part of that was opted out) I, as a single person, will shortly receive £157 a week rather than the basic £107 ( and yes, I was very surprised too).
They tell you it will be paid monthly in arrears - if you say no, and ask for it paid weekly they comply without question.
Though the UK pension is frozen for ex-UK NZ residents If you return to the UK, if even for a short period of a few weeks, you can have it temporarily unfrozen. (Whether it's worth the effort is debatable).
If you've taken the NZ super instead and leave the country for more than 3(?) months WINS stop paying the super, apparently.
Last edited by BlackCrossInResidence; Jul 24th 2012 at 6:10 pm.
Jul 24th 2012, 9:38 pm
#9
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Re: NZ State Pension available to ALL UK expats aged 65+
Apologies for the broken link, here are the two correct links:
http://www.workandincome.govt.nz/ind...annuation.html
When a client meets all the qualifications for New Zealand Superannuation except for the period of residence they may qualify under the agreement with the United Kingdom.
From Work & Income site:
"The agreement with the United Kingdom allows periods of residence in the United Kingdom to be regarded as residence in New Zealand for a client to meet the period of residence qualification for New Zealand Superannuation."
http://www.workandincome.govt.nz/man...kingdom-05.htm
http://www.workandincome.govt.nz/ind...annuation.html
When a client meets all the qualifications for New Zealand Superannuation except for the period of residence they may qualify under the agreement with the United Kingdom.
From Work & Income site:
"The agreement with the United Kingdom allows periods of residence in the United Kingdom to be regarded as residence in New Zealand for a client to meet the period of residence qualification for New Zealand Superannuation."
http://www.workandincome.govt.nz/man...kingdom-05.htm
Last edited by chc4me; Jul 24th 2012 at 9:45 pm.
Jul 24th 2012, 9:44 pm
#10
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Re: NZ State Pension available to ALL UK expats aged 65+
To Blackcross:
The Work and Income site states that Private Pensions will not have any effect on entitlements to NZ Superannuation (link here).
"Contracted-out pensions are regarded as private pensions which do not affect the rate of New Zealand Superannuation or Veteran’s Pension."
If you receive £157 are you not better to swap it for a NZ Superannuation payment which is $400 per week for a single person living alone? Thats about $100 per week extra at the current exchange rates.
The Work and Income site states that Private Pensions will not have any effect on entitlements to NZ Superannuation (link here).
"Contracted-out pensions are regarded as private pensions which do not affect the rate of New Zealand Superannuation or Veteran’s Pension."
If you receive £157 are you not better to swap it for a NZ Superannuation payment which is $400 per week for a single person living alone? Thats about $100 per week extra at the current exchange rates.
Jul 25th 2012, 3:35 am
#11
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Re: NZ State Pension available to ALL UK expats aged 65+
Sorry but I'm a very slow person. Would you explain something to me please?
We'll both be entitled to the NZ super by the time we retire but if we go straight onto that, does it mean all the years of NI contributions account for nothing. In other words, if we don't draw it as a pension, that's it?
The UK entitlement stays in the big pot? Could we draw on it for awhile & then stop & go over to NZ super or is it once started, you've got to stick with the UK pension?
Do my questions make sense?
We'll both be entitled to the NZ super by the time we retire but if we go straight onto that, does it mean all the years of NI contributions account for nothing. In other words, if we don't draw it as a pension, that's it?
The UK entitlement stays in the big pot? Could we draw on it for awhile & then stop & go over to NZ super or is it once started, you've got to stick with the UK pension?
Do my questions make sense?
Jul 25th 2012, 3:49 am
#12
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Re: NZ State Pension available to ALL UK expats aged 65+
I think so.
If you choose to draw NZ super, then your UK state pension will be offset against that. Those UK funds will come into the NZ superannuation pot.
It is a reciprocal agreement.
You will need to choose which one you draw.
If you choose to draw NZ super, then your UK state pension will be offset against that. Those UK funds will come into the NZ superannuation pot.
It is a reciprocal agreement.
You will need to choose which one you draw.
Jul 25th 2012, 6:12 am
#13
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Re: NZ State Pension available to ALL UK expats aged 65+
To Blackcross:
The Work and Income site states that Private Pensions will not have any effect on entitlements to NZ Superannuation (link here).
"Contracted-out pensions are regarded as private pensions which do not affect the rate of New Zealand Superannuation or Veteran’s Pension."
If you receive £157 are you not better to swap it for a NZ Superannuation payment which is $400 per week for a single person living alone? Thats about $100 per week extra at the current exchange rates.
The Work and Income site states that Private Pensions will not have any effect on entitlements to NZ Superannuation (link here).
"Contracted-out pensions are regarded as private pensions which do not affect the rate of New Zealand Superannuation or Veteran’s Pension."
If you receive £157 are you not better to swap it for a NZ Superannuation payment which is $400 per week for a single person living alone? Thats about $100 per week extra at the current exchange rates.
"However,
it often comes as a significant shock
to a retiree to find that their voluntary
retirement savings, set aside out of earned
income to improve their quality of life in
old age, is deducted by the MSD against
their NZS entitlement"
If I took NZ super (which I'm not) I wonder if the drawdown from my SIPP would have been deducted?
Wish I could get the $400 but I'm living with my gf - so super would be reduced to $262. Also, I've only recently gained residence so, apparently, I do not pay any NZ tax on overseas 'earnings' for 4 years (which presumably includes my standard pension and SIPP)?
Last edited by BlackCrossInResidence; Jul 25th 2012 at 6:15 am.
Jul 27th 2012, 2:12 am
#14
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Posts: 82
Re: NZ State Pension available to ALL UK expats aged 65+
This sounds great! We have been here 8 months and my husband has his pension paid into his UK account. This is probably a stupid question but how does he go about the process?
Nov 23rd 2012, 3:14 am
#15
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Re: NZ State Pension available to ALL UK expats aged 65+
HELP NEEDED PLEASE. Urgent as have only a few days left visiting New Zealand to sort this out and depart on November 29, 2012.
I got onto this forum from a Google search and it seems to be very close to some information I am searching for although it is not as regards the New Zealand state pension but the UK state pension.
You see I was born in the UK and am a UK citizen and worked in the UK for 20 years. I then emigrated to New Zealand and worked for a further 28 years there and I now wish to go and live overseas. According to the UK pension folk I do qualify for a part UK pension
However it would be advantageous for me to have a full UK pension as I am going to live in a country which has a better exchange rate with the pound than it does the New Zealand dollar.
So my question is: – Can I allocate the years spent working in New Zealand towards my UK pension entitlement years, thereby getting me the full UK pension. The second part of the question is: – do I need to be resident in the UK when I apply, or can I apply from overseas?
Really I have spent days searching for this information and cannot find it anywhere as the UK pension site is very basic to say the least – – does anyone have any ideas or a link as to where I can find this information??
Any help would be Very much appreciated appreciated
I got onto this forum from a Google search and it seems to be very close to some information I am searching for although it is not as regards the New Zealand state pension but the UK state pension.
You see I was born in the UK and am a UK citizen and worked in the UK for 20 years. I then emigrated to New Zealand and worked for a further 28 years there and I now wish to go and live overseas. According to the UK pension folk I do qualify for a part UK pension
However it would be advantageous for me to have a full UK pension as I am going to live in a country which has a better exchange rate with the pound than it does the New Zealand dollar.
So my question is: – Can I allocate the years spent working in New Zealand towards my UK pension entitlement years, thereby getting me the full UK pension. The second part of the question is: – do I need to be resident in the UK when I apply, or can I apply from overseas?
Really I have spent days searching for this information and cannot find it anywhere as the UK pension site is very basic to say the least – – does anyone have any ideas or a link as to where I can find this information??
Any help would be Very much appreciated appreciated