Overseas pensions

Overseas pensions will not be deducted from a client's payments unless they are getting the grandparented 50% fixed rate of payment overseas.

Clients who are not grandparented and are travelling or residing in a country or countries and getting General Portability will not have an overseas pension deducted.

If a client is getting payment overseas at the grandparented rate of 50% of New Zealand Superannuation or Veterans Pension and is getting an overseas benefit or pension, the rate payable is 50% of the gross amount payable after deduction of the overseas pension.

Note if a client's overseas pension is being paid into a Special Banking Option account, the account must be closed by International Services, as they are responsible for administering the Special Banking Option payment method.

The client must be advised to make arrangements to have the overseas agency pay the pension directly to their own bank account.