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Section 70 of the Social Security Act is used by MSD to deduct the value of some overseas “tier 2” pensions like Rea’s UK pension, built up through contributions made from people’s wages, to be deducted from their NZ Super payments, which its critics have long claimed is an abuse of the law. Rea complained to the Ombudsman after MSD’s Benefits Review Committee (BRC) refused to hear his challenge to the deductions because he had failed to take it within the three-month window after the deductions began in 2013.
The NZ Super deductions policy allows the Ministry of Social Development to deduct the value of tier 2 overseas pensions recieved by superannuitants from their NZ Super payments.
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Why I donât Include âPlay Moneyâ In My Portfolio
Written By: Andrew Hallam
A couple of years ago, my wife and I spent 17 months living in a camper van while traveling through Mexico and Central America. That doesnât mean you should. To you, that might sound like hellâespecially if you (like we did) had to share that space. After all, our bed is only four feet from the toilet. And the toilet is about three feet from the fridge. We brag that we almost killed each other only once. I loved that experience, but not everybody would.
“I’m not denying there is a trade-off between these two things but what I object to is the only thing on the table is to stop the 2.5% super guarantee increase with no guarantee of anything.
“If the SG guarantee does not go ahead there will be no increase in super, missing out on hundreds of thousands of dollars in retirement, and no wage increase. There won’t be a trade-off for a senior exec in a financial services firm but if you’re a hotel cleaner on minimum wages they suffer the most as they miss out on increase in super and wage increase under proposition put forward.”