9 Aug 2013

New Zealand improves pension portability in the Pacific

5:00 pm on 9 August 2013

The New Zealand government has announced improved pension portability arrangements for New Zealanders looking to retire to the Cook Islands, Niue and Tokelau.

The New Zealand foreign minister Murray McCully says the under the current rules, people wishing to retire to these countries have to be 'resident and present' in New Zealand at the age of 65.

But Mr McCully says under the planned new arrangements they only need to be have been 'resident and present' in New Zealand for more than 10 years from the age of 20 - including five years since turning 50.

He says the practical effect of the change is that people who are entitled to New Zealand Superannuation will be able to live in one of these three countries after the age of 55 and apply, without returning to New Zealand, for their super once they turn 65.

The policy change still needs to passed by the New Zealand parliament and is expected to apply from July in 2015.