Yup....the senior citizens may be able to collect their NZ pension from the Cook Islands. This is good news to returning Cook Islanders from NZ...........................Nice Pension portability improved Fri 9 Aug Prime Minister Henry Puna, New Zealand Foreign Affairs Minister Murray McCully, and NZ High Commissioner Joanna Kempkers at yesterday’s press conference. Prime Minister Henry Puna, New Zealand Foreign Affairs Minister Murray McCully, and NZ High Commissioner Joanna Kempkers at yesterday’s press conference. 13080868 The New Zealand government has announced a new policy to improve pension portability for New Zealanders looking to retire in the Cook Islands. The announcement was made during a joint press conference with Prime Minister Henry Puna and New Zealand Foreign Affairs Minister Murray McCully yesterday afternoon at the Office of the Prime Minister. “Changes to the Special Portability Arrangement will allow eligible residents to apply for their pension or veteran’s pension from the Cook Islands, Niue or Tokelau,” said McCully. "The practical effect of the change is that people who are entitled to New Zealand Superannuation ... will be able to depart New Zealand to live in one of these three countries after the age of 55 and apply, without returning to New Zealand, for their super once they turn 65,” he said. “Currently they would have to stay in New Zealand until turning 65 in order to qualify.” Under the current rules, people wishing to retire in the Cook Islands must be “resident and present” in New Zealand at the age of 65. During the press conference, McCully said retirees will still need to qualify for superannuation in New Zealand which includes being in New Zealand for more than 10 years since the age of 20, and five years since the age of 50. McCully said the new policy will require legislation to be passed in the New Zealand Parliament and is expected to apply from July 2015. Puna personally thanked the NZ foreign minister for “pushing the issue with colleagues” in Wellington. “There will be happy Cook Islanders, knowing they can now come home early,” he said. The issue has long been on the radar of Rarotonga resident Les Priest, who has been campaigning for pension portability on behalf of ‘The Lost Tribe’ - local and expat New Zealand pensioners living in the Cook Islands. Priest worked in New Zealand for almost 30 years but was unable to access his superannuation, prompting him to begin a multi-decade campaign for policy change. As a result of yesterdays announcement, around 170 pensioners here are expected to qualify under the new rules, said McCully, adding the NZ government has allocated funds to deal with the expected increase in pension applicants. "These changes reflect our close constitutional relationship with the Cook Islands, Niue and Tokelau as part of the Realm of New Zealand.” Pension portability has also long been an issue for policy makers, and was at the top of the agenda at the joint ministerial forum (JMF) meeting in Queenstown in February, attended by Puna, Finance Minister Mark Brown and Tourism Minister Teina Bishop. In early 2012 when asked for comment on the issue, McCully said any changes to pension portability would have to wait while the NZ government dealt with the aftermath of the Christchurch earthquake.
Posted on: Mon, 19 Aug 2013 19:01:19 +0000
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