SWIFTT process - direct deductions

When a client is getting a Canadian pension that is directly deducted from their New Zealand benefit or pension, it is important this is processed correctly in SWIFTT.

You will need to add the following information in the SOPDA screen in SWIFTT:

• letter indicator (defaults to x)
• the rate of the Canadian pension in Canadian currency
• the frequency at which the payments are made
• any Canadian pension reference number
• whether the pension is a deductible pension Y/N
• country code 028
• whether the pension is a gross or net amount
• weekly amount of any bank fees allowed, contact International Services

The New Zealand dollar amount of the Canadian pension will be displayed on the SOPHI screen once the above details have been entered.

The New Zealand dollar amount showing on the SOPHI screen will need to be added to the 'O/seas Pen direct ded' field using the INCMA screen in SWIFTT.

If you need more information you should contact International Services.

International Services updates the exchange rate table in SWIFTT each month, and the exchange rate table is linked to the country codes.

When the Canadian pension details are correctly recorded SWIFTT will automatically calculate the Canadian pension deduction from the rate of New Zealand benefit or pension payable.

For New Zealand Superannuation and Veterans Pensions only, SWIFTT will:

• recalculate the rate of the New Zealand Superannuation or Veterans Pension each month and
• send a letter to advise the client if the letter indicator in the SOPDA screen is set to Y
• if a client does not wish to receive their advice letters, the indicator in the SWIFTT SOPHC screen should be set to N
• only International Services can change the letter indicator after the initial grant of New Zealand Superannuation or Veterans Pension
• International Services manually updates other New Zealand benefits and pensions periodically