1. The Agreement on Social Security between the Government of the Republic of Korea and the Government of New Zealand ("the Agreement"), which was signed on October 29, 2019, in Seoul, will enter into force on March 1, 2022.

2. The Agreement will allow the totalization of the periods of pension coverage in the ROK (periods of Korean national pension scheme coverage) and New Zealand (periods of New Zealand working age residence) for those who are not eligible for pension benefits due to their shorter-than-required periods of pension coverage.

o Since the pension under the legislation of New Zealand has been financed from general tax revenues, general provisions on insurance premium exemption are not stipulated in the Agreement.

o Even if the periods of pension coverage are totalized, the pension amount will be paid proportionately in line with the periods of Korean national pension scheme coverage and the periods of New Zealand working age residence completed in each country.

3. With the entry into force of the Agreement with New Zealand, the ROK has a total of 38 social security agreements in effect. The government of the ROK will continue to seek the conclusion of social security agreements actively to relieve insurance premium burdens of nationals of the ROK and improve their entitlements to benefits.

4. For more details about the Agreement, including applying for pension benefits from New Zealand, please call the Center for International Affairs at the National Pension Service at 063-713-7101.