The Australia New Zealand Pension Agreement: What You Need to Know
If you’re an Australian or New Zealand citizen planning to live or work in the other country, you may be wondering what will happen to your pension. Fortunately, there is an agreement between the two countries that can help ensure you receive the pension benefits you’re entitled to. Here’s what you need to know about the Australia New Zealand Pension Agreement.
What is the Australia New Zealand Pension Agreement?
The Australia New Zealand Pension Agreement is a social security agreement between the two countries that helps people who have lived and worked in both countries to claim their retirement benefits. The agreement is in place to help people avoid double taxation and ensure they can receive the social security benefits they are entitled to.
Who is eligible for the agreement?
To be eligible for the Australia New Zealand Pension Agreement, you must be an Australian or New Zealand citizen who has lived and worked in both countries. You must also meet the eligibility criteria for the pension in each country. For example, in Australia, you must have reached pension age, which is currently 66 years and 6 months.
What benefits are covered under the agreement?
The Australia New Zealand Pension Agreement covers a range of benefits, including:
– Age Pension: This is a means-tested payment for people who have reached pension age and meet the eligibility criteria.
– Disability Support Pension: This is a payment for people who have a disability that prevents them from working for more than 15 hours a week.
– Carer Payment: This is a payment for people who provide full-time care for a person with a disability or medical condition.
– New Zealand Superannuation: This is a non-means-tested payment for people who have reached the age of 65 and lived in New Zealand for a certain period of time.
How does the agreement work?
Under the Australia New Zealand Pension Agreement, you can claim your pension in one country and have it paid to you in the other country. For example, if you live in Australia and have worked in New Zealand, you can claim your New Zealand pension in Australia and have it paid to you there. The same applies if you live in New Zealand and have worked in Australia.
To claim your pension under the agreement, you must apply to the relevant agency in the country where you live. For example, if you live in Australia, you must apply to Services Australia. If you live in New Zealand, you must apply to the Ministry of Social Development.
In conclusion, the Australia New Zealand Pension Agreement can help ensure that people who have lived and worked in both countries receive the pension benefits they are entitled to. If you are eligible for the agreement, be sure to apply to the relevant agency in your country to start receiving your pension payments.