Social Security Agreement with South Korea - living in New Zealand
If you've lived in South Korea and now live in New Zealand, you may be able to get some payments. This is because New Zealand (NZ) has an agreement with South Korea to share responsibility for social security coverage.
This agreement can help you if you either:
- are an NZ citizen
- are an NZ permanent resident, or
- have an NZ resident visa.
How this Social Security Agreement helps you
This agreement generally allows you to apply for certain NZ payments (paid by us) or South Korean payments (paid by the South Korean National Pension Service).
NZ payments covered by this agreement are:
- New Zealand Superannuation (NZ Super)
- Veteran's Pension.
The only South Korean payment covered by this agreement is the Old-age Pension.
This agreement also allows you to add together your periods of residence in either country so you can meet certain criteria for these payments.
NZ and South Korean payments
If you already get the Old-age Pension and move to NZ, contact the South Korean National Pension Service. They'll change the payment if needed.
South Korean National Pension Service
If you're not already getting a NZ or South Korean payment, read the information below.
Who can get these payments
Who can get NZ Super or Veteran's Pension
You may be able to get NZ Super or Veteran's Pension while you're living in NZ if:
- you've lived in South Korea, and
- you meet the criteria for NZ Super or Veteran's Pension.
You need to have lived in New Zealand for a certain amount of time to get NZ Super or Veteran's Pension. If you haven't, you may be able to use time you've spent contributing to the Korean National Pension Scheme from age 20 to meet this criteria.
To use this time, you must:
- have at least 1 year of continuous NZ working age residence, and
- be ordinarily resident in NZ.
Using SSA countries to meet residence criteria for NZ Super or Veteran's Pension
Who can get Old-age Pension
You may be able to get the Old-age Pension while you're living in NZ.
You must have contributed to the Korean National Pension Scheme for a certain amount of time to get this payment. You may be able to use periods of working age residence in New Zealand to meet this criteria.
The South Korean National Pension Service decides who can get the Old-age Pension.
How to apply for these payments
How to apply for NZ Super or Veteran's Pension
Use our Check What You Might Get tool to find out what NZ payments you can get and how to apply.
Check What You Might Getexternal
You also need to apply for:
- any South Korean payment that you may qualify for and
- any other overseas payments that you may be able to get.
How to apply for the Old-age Pension
You should apply through the South Korean National Pension Service before you leave South Korea.
If you already live in New Zealand, contact our International Services team. They'll send you an application form to complete and you'll need to send it back to them. Then they'll forward that to the South Korean National Pension Service.
The South Korean National Pension Service will decide whether you can get the Old-age Pension and let you know. This may take a few months.
How much you'll get
NZ Super and Veteran's Pension
We'll decide how much you will be paid based on certain criteria. If you get an overseas pension, it's usually deducted from your New Zealand payment.
Generally, the amount you're paid is about equal to what you would be paid if you had lived all your life in New Zealand.
Old-age Pension
The South Korean National Pension Service decides how much you will be paid.
How you'll be paid
NZ Super and Veteran's Pension
These payments are paid into your nominated NZ bank account fortnightly.
Old-age Pension
Contact the South Korean National Pension Service to find out how this payment is paid.
Contact the South Korean National Pension Service
Taxes
- You have to pay NZ tax on NZ Super and Veteran's Pension payments. We'll withhold your NZ tax based on the tax code you're using and pay this directly to the NZ tax department, Inland Revenue.
- You may have to pay NZ tax on the Old-age Pension. This is regardless of whether it's paid to a bank account in South Korea or NZ.
- You may have to pay South Korean tax on the Old-age Pension. For more information, talk to the South Korean tax authority. If the Old-age Pension is liable for tax in South Korea, you may be able to get a rebate on your New Zealand tax.
We recommend you discuss your tax liabilities with Inland Revenue (New Zealand).
South Korean National Tax Serviceexternal
Keep copies of your bank records
Make sure you keep copies of all your banking records, as these may show your gross South Korean pension payments required for tax purposes.
When your payments will start from
NZ payments will start from the date of your application or the entitlement date - whichever is later. We'll let you know what date your payment will start in the letter we send you, once your application's approved.
The South Korean National Pension Service decides when you get paid the Old-age Pension.
Travelling from NZ to another country (not South Korea)
Before you leave New Zealand you need to contact:
- our International Services team
- the South Korean National Pension Service, if you get the Old-age Pension.
You may keep getting your NZ payment but it depends on:
- where you're going
- how long you're going for, and
- what type of payment you're getting.
Our International Services team will talk you through this when you call.
Talk to the South Korean National Pension Service for information about what will happen to the Old-age Pension.