9 Aug 2013

Govt eases pension rule for Pacific retirees

4:45 pm on 9 August 2013

People wanting to retire in some Pacific Island countries will no longer have to live in New Zealand until they're 65 to qualify for superannuation once they're eligible.

At the moment anyone wanting to retire to the Cook Islands, Niue or Tokelau has to be living in New Zealand at the age of 65.

But Foreign Affairs Minister Murray McCully says that once retirees qualify for superannuation, they will be able to get their pensions in the islands as long as they've lived in New Zealand for more than 10 years since the age of 20 - including five years since the age of 50.

Mr McCully says the increased portability of the pension reflects the close constitutional relationship New Zealand has with the Cook Islands, Niue and Tokelau, as part of the Realm of New Zealand.

The new policy is expected to apply from 1 July next year once legislation has been passed.