PM Worsens Finances for Holders of Overseas Pensions
Rt Hon Winston Peters
New Zealand First Leader
Member of Parliament for Northland
8 MARCH 2017
PM WORSENS FINANCES FOR HOLDERS OF OVERSEAS PENSIONS
The Prime Minister has seriously worsened the finances of a group of Kiwis and migrants who have overseas pensions, says New Zealand First Leader and Northland MP Rt Hon Winston Peters.
“At the moment this group must stay 10 years to access NZ Super, but the government confiscates their overseas pension.
“But Prime Minister Bill English plans to raise the residency requirement from 10 to 20 years.
“This means these 90,000 will have to wait an extra 10 years to get NZ Super, but their overseas pension will still be deducted.
“Had Bill English been fair, he would have allowed them to keep their pension.
“New Zealand First’s Fair Residency Bill raises the minimum residency for NZ Super to 25 years and at the same time allows them to keep their overseas pension.
“In Parliament today, the Prime Minister confirmed they will still have to forfeit their overseas pension,” says Mr Peters.
Rt Hon Winston Peters: Why is the Government so opposed to abolishing section 70 of the Social Security Act 1964, which is so unfair to migrants in New Zealand who have an overseas pension arrangement?
Rt Hon BILL ENGLISH: I think the measure that the member is referring to is just a longstanding measure that New Zealand has had in place through successive Governments, because we believe that is what is fair and reasonable to both migrants and New Zealand taxpayers.
Rt Hon Winston Peters: What is irredeemable about a long-term arrangement if it is wrong, and rather than Kiwi taxpayers being ripped off by these reciprocal pension agreements, why do we not ditch them, adopt a 25-year residency requirement, and allow migrants to bring their overseas pensions here, intact?
Rt Hon BILL ENGLISH: We think the current arrangements involving reciprocal agreements with other countries work best, both with the citizens of other countries coming here and with New Zealanders going to other countries. The member is free to put up his own proposals about changing that if he so wishes, but I am pleased to see that he is not actually criticising the policy announced this week by the Government.