The agreement will assist people who move between New Zealand and Korea to receive pensions from both countries.

Social Security Agreements are bilateral treaties that close gaps in social security coverage for people who migrate between countries. They do this by overcoming barriers to benefit entitlements in domestic legislation, such as requirements for citizenship, minimum contributions, past residence, and current country of residence.

Under social security agreements, people can use periods of residence or social security contributions in an overseas country with which New Zealand has a social security Agreement as periods of New Zealand residence to help them meet the residential criteria for certain New Zealand benefits. This provision is known as “totalisation” and allows migrants from Agreement countries to immediately access the New Zealand benefits, primarily New Zealand superannuation, that are covered under the Agreement, provided that the person meets the other applicable criteria (including the requirement to be either a New Zealand permanent resident or citizen).