Retirement savings warning.Many NZNO NZNO New Zealand Nurses Organisation members who have come from overseas may not be aware that if they have made voluntary or compulsory contributions to a retirement fund in excess of that required to fund the basic pension in this country, under existing legislation, the New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. Government will confiscate To expropriate private property for public use without compensating the owner under the authority of the Police Power of the government. To seize property. When property is confiscated it is transferred from private to public use, usually for reasons such as these funds. If you paid into the United Kingdom's Graduated Pension Scheme and State Earnings Related Pensions (SERPS SERPS State Earnings Related Pension Scheme ), for example, these payments will be deducted from New Zealand Superannuation Superannuation An organizational pension program created by companies for the benefit of their employees. Notes: Funds deposited in a superannuation account will typically grow without any tax implications until retirement or withdrawal. on reaching the age of eligibility, presently 65. Other countries' pension schemes are treated the same. Similarly, if any of your members are contemplating going overseas to work and they pay into retirement enhancing plans, these savings could be confiscated con·fis·cate tr.v. con·fis·cat·ed, con·fis·cat·ing, con·fis·cates 1. To seize (private property) for the public treasury. 2. To seize by or as if by authority. See Synonyms at appropriate. adj. by the New Zealand Government under existing legislation. My concern is, that while New Zealand is taking some trouble to attract nurses from overseas, these nurses are not being told that their pensions' savings will be jeopardised. By the time they realise this, it will be too late. I worked in Canada for 37 years and paid into a pension plan in that country and have experienced the reality of this situation and want to prevent others from experiencing it. This overseas pensions' debacle is being debated widely, with a 7000-signature petition recently presented to Parliament seeking a special Commission of Enquiry to review these matters. Around 52,000 senior citizens are currently affected by Section 70 of the Social Security Act and from whom the government makes an estimated $400 million annually. All NZNO members should take note of this issue. Further information can be obtained from the Pensions Abuse website www.info@nzpensionabuse.org.nz. Your services to the community are far too important to have them eroded through financial and social injustice on retirement. Austin Fraser, Levin |
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