SWIFTT process
When a client is getting a Korean old age benefit or other deductible benefit or pension that is directly deducted from their New Zealand benefit or pension it is important this is processed correctly in SWIFTT.
The following information is required to add a Korean benefit or pension to the SOPDA screen in SWIFTT:
letter indicator (defaults to x)
- the rate of the Korean old age benefit or other benefit or pension in Korean currency
- the amount of bank fees allowed (contact International Services)
- the frequency of the Korean payments
- the percentage of any voluntary component included in the overseas pension
- any Korean Social Welfare Number (essential for information matching purposes)
- country code 097
- whether the benefit or pension is a deductible pension Y/N
Note some of the above fields are only used by International Services.
The New Zealand dollar amount of the Korean old age benefit or other benefit or 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.
When the Korean old age benefit or other benefit or pension details are correctly recorded SWIFTT will automatically calculate the amount of the deduction from the rate of New Zealand benefit or pension payable.
Note if an overseas payment is not directly deductible it must be treated as income and taken into account in assessing any other income tested assistance being received.
If you need further information you should contact International Services.
Note International Services updates the exchange rate table in SWIFTT each month with adjusted exchange rates of applicable countries.
Following these updates, for New Zealand Superannuation and Veteran's Pension, SWIFTT will:
- recalculate the New Zealand benefit or pension rate each month and
- send a letter to advise the client, if the client has only one overseas pension and is not in receipt of New Zealand Superannuation with a grandparented non-qualified spouse included, and the letter indicator in the SOPDA screen is set to Y (or X where the change in New Zealand Superannuation is of sufficient magnitude)Note if the indicator in the SWIFTT SOPDA is set to N no letter will be generated and only International Services can change the letter indicator after the initial grant of New Zealand Superannuation or Veterans Pension
For New Zealand benefits other than New Zealand Superannuation, a report is generated every month and International Services manually updates the overseas pension deductions of clients on this report as appropriate.
