New Zealand Superannuation - Totalisation

When a client from Korea meets all the qualifications for New Zealand Superannuation except residence, they may qualify for New Zealand Superannuation under the agreement with Korea.

The residence qualifications for New Zealand Superannuation in the agreement allows:

• periods of Korean contributions from the age of 20 can be used to meet the requirement for 10 years residence and presence in New Zealand from the age of 20
• periods of Korean contributions from the age of 50 can be used to meet the requirement for 5 years residence and presence in New Zealand from the age of 50

A client must also have not less than one year of continuous New Zealand working age residence, and be ordinarily resident and present in either New Zealand or Korea at the time they apply for a New Zealand benefit under the Agreement.

The client may also be entitled to a Korean old age benefit, which will be directly deducted from New Zealand Superannuation.

Note when New Zealand Superannuation is granted using this agreement you will need to add the reciprocal indicator by using the NDTA screen in SWIFTT and entering 16 in the entitlement code field.

For more information contact International Services