Special Banking Option
When a client is receiving an Irish benefit or pension they can choose to have it paid into a Special Banking Option account by the Irish authorities. The client will then receive the full rate of their New Zealand benefit or pension.
The advantages of this option are:
- the client receives a regular payment
- tax is already deducted
- the client is not affected by fluctuations in the exchange rate
Clients may elect to join the Special Banking Option at any time but cannot re-join once they have chosen to cancel the option (there are exceptions, contact International Services).
The Special Banking Option is not suitable for clients whose Irish benefit or pension is higher than (or likely to be higher than) the rate of New Zealand benefit or pension.
Adverse action
When MSD matches a client's information with information from Ireland, MSD must send a written notice of adverse action to the client.
A notice of adverse action is only required upon receipt of the first information match.
Partner
When a client has a partner they must both choose the same payment option.
For more information contact International Services, or see:
Legislation
- MSD may pay overseas pensioner benefit in return for amount of overseas pension regulaton 122 Social Security Regulations 2018
- Alternative arrangements for pensions regulations 129-136 Social Security Regulations 2018
