UK&NZ State Pensions

UK State Benefits:

When you emigrate [or return home] whatever benefits you have built up within the UK State system will remain in place until such time as you reach what would have been your normal UK retirement age – i.e. you do NOT lose these benefits.

When you reach that age your benefits can be paid in one of 3 ways:

  1. Into a UK bank account – you then control when you move those funds through the exchange rate system.
  2. Directly into your NZ bank account – you do NOT control the exchange rate.
  3. The UK Government gives the NZ Government your benefits, at an exchange rate agreed between them and then pays those benefits to you after deducting NZ tax and adding in any NZ State benefits!

NZ State Benefits:

As a new migrant you will be entitled to  full NZ State pension once you have been here 10 years and worked at least 5 of those years since age 55.

This is a simplified version of the system but sums up your entitlement.

If you have any UK State benefits then these underpin the NZ benefits – e.g. if the NZ State benefits are $30,000 p.a. and the UK gives you [say] $20,000 then the NZ system will top you up to the $30,000 level!