Section CW 28 — Income Tax Act 2007: Pensions

CW 28 Pensions Exempt income (1) The following are exempt income: (a) a pension or allowance under the War Pensions Act 1954 , other than a veteran’s pension: (b) a pension or allowance of any other kind granted in New Zealand or overseas by any government relating to any war or to disability attributable to or aggravated by service in the armed forces or the police: (c) a payment of portable New Zealand superannuation: (d) a payment of portable veteran’s pension: (e) an overseas pension. Meaning of overseas pension (2) In this section, overseas pension means— (a) an overseas pension, to the extent of sums subtracted under section 70 of the Social Security Act 1964, by the department currently responsible for administering that Act, from— (i) a monetary benefit paid under Part 1 of the Act; or (ii) a monetary benefit, other than New Zealand superannuation or a veteran’s pension, paid under the Social Welfare (Transitional Provisions) Act 1990 : (b) an overseas pension to the extent to which it is subject to an arrangement under section 70(3) of the Social Security Act 1964 but not to the extent of the equivalent amount of New Zealand superannuation, veteran’s pension, or income-tested benefit paid under section 70(3)(b) of that Act. Defined in this Act: amount , exempt income , income-tested benefit , New Zealand superannuation , overseas pension , pay , portable New Zealand superannuation , portable veteran’s pension , veteran’s pension , Compare: 2004 No 35 s CW 23