- 1
- The Netherlands institution shall determine the old age benefit on the basis of periods of insurance completed under the Netherlands General Old Age Pensions Act and of this Agreement.
- 2
- Subject to paragraphs 3 and 4, periods before 1 January 1957, during which a national of a Contracting Party resided in the territory of the Netherlands after reaching the age of fifteen years or during which, while residing in another country the person was remuneratively employed in the territory of the Netherlands, shall also be considered as periods of insurance if the person does not satisfy the conditions of the Netherlands legislation permitting such periods to be treated for that person as periods of insurance.
- 3
- The period referred to in paragraph 2 shall be taken into consideration in the calculation of the old age benefit only if the person concerned has been insured under the Netherlands General Old Age Pensions Act and has resided for at least six years in the territory of one or both Contracting Parties after reaching the age of fifty-nine years and only while the person is residing in the territory of either Contracting Party. However, the periods before 1 January 1957, shall not be taken into consideration if they coincide with periods taken into consideration for the calculation of an old age benefit under the legislation of a country other than the Netherlands.
- 4
- Where the sum of the amount of the Netherlands old age benefit according to this Agreement or according to the Netherlands General Old Age Pensions Act, exclusive of income-related supplementary allowance and holiday allowance as defined in Article 8, section 1 or Article 28 of that Act respectively, and the amount of the New Zealand superannuation or veterans' pension under this Agreement or New Zealand legislation for a person who resides in the Netherlands, exceeds the maximum amount according to the Netherlands General Old Age Pensions Act, exclusive of income-related supplementary allowance and holiday allowance as defined in Article 8, section 1 or Article 28 of that Act respectively, the Netherlands institution shall adjust its benefit by an amount equal to the excess amount.
- 5
- Changes in the exchange rate shall not affect the amount calculated according to the previous section, provided that a conversion takes place at least once a year, using the exchange rate parity as advised by the Bank of the Netherlands (De Nederlandsche Bank NV) on the day of the payment of the New Zealand benefit for the month in which the recalculation takes place.
- 6
- The reduction referred to in paragraph 4 shall not affect the amount that is based on periods of insurance after 1 January 1957, according to the Netherlands General Old Age Pensions Act.
- 7
- A New Zealand resident who would be entitled to receive a Netherlands old age benefit if he or she was resident in the territory of the Netherlands, shall be entitled to receive a Netherlands old age benefit at the same rate as he or she would be entitled to receive if he or she was resident in the Netherlands.
