Glossary · New Zealand

Special Banking Option

The two ways an overseas pension can reach you while you live in New Zealand. The choice changes your tax position rather than your total.

  • Special Banking Option: one payment from Work and Income for the whole amount, with the New Zealand tax already deducted and the exchange rate no longer mattering. Work and Income offer it for six places only, and the United States is not one of them.
  • Direct Payment Option: the overseas agency pays you directly and your New Zealand payment is reduced. The amount moves with the exchange rate, and the New Zealand tax on the overseas pension is yours to handle.

Guides that use this term

Can I keep my Australian Age Pension if I move to New Zealand?

Australia and New Zealand

Is my US Social Security deducted from my NZ Super?

New Zealand and the United States

Will my Australian Age Pension be deducted from my NZ Super?

New Zealand and Australia