The New Zealand Ministry of Social Development (MSD) have advised the Cook Islands National Superannuation Fund (CINSF) of MSD’s current view that the CINSF pension is deductable from the New Zealand Government Superannuation (NZ Super).
Following initial enquires to the MSD by a local based New Zealander, the CINSF sought further clarification of the position of the MSD for those members that may also be eligible for NZ Super.
The New Zealand policy for NZ Super is based on equality. Any New Zealander working overseas and required to pay into a superannuation scheme in that country, will have their NZ Super deducted by the amount received from that country’s superannuation pension amount.
Full details for any person that may be eligible for NZ Super are set out on the MSD website. The MSD also sets out specific countries that have formal social security agreements outlining the provisions for pensions and deductions, namely Australia, Canada, United Kingdom, and the Pacific Islands to name a few.
A number of articles over the years have highlighted the issues raised by New Zealanders that choose to live and work overseas, who are then adversely affected when they return to New Zealand, with many now calling for a change to New Zealand’s policy.