Understanding New Zealand’s superannuation scheme before you retire can help you plan for your retirement.
While Aotearoa doesn’t have an official retirement age, most people retire at 65. This is because both KiwiSaver and NZ Super, begin to pay out your savings once you turn 65.
NZ Super is the government-funded superannuation scheme in New Zealand. It is different to KiwiSaver or other pension funds which you largely fund yourself.
If you are a New Zealand citizen, permanent resident or hold the right type of visa, you will receive fortnightly payouts from the government once you turn 65.
There are some criteria for qualifying for government-funded super. You must be:
65 years old, or older
A New Zealand citizen or
A New Zealand permanent resident or
Hold a residence class visa for New Zealand or
An ordinary resident in New Zealand, the Cook Islands, Niue or Tokelau at the time of application.
If you weren’t born in New Zealand, you must have lived in New Zealand for a certain amount of time to qualify:
You must have lived in New Zealand for a certain number of years from age 20.
You must have lived in New Zealand for at least five years from age 50.
The years do not need to be consecutive for either period.
You must have been a 'resident' and 'physically present' in NZ at the same time to qualify as having lived in New Zealand. This means if you were a resident of a different country, that period may not count towards your time living in New Zealand.
If you moved to New Zealand as a refugee or protected person, you can count the number of years you lived here from the day you arrived.
It’s worth noting that the time-period to qualify for the NZ Super as a resident is gradually increasing from 10 years to 20 years. The table below shows how long you’ll need to have lived in New Zealand based on your date of birth. The years do not need to be consecutive but need to include at least five years from the age of 50, no matter what year you were born.
Total number of years you must have lived in NZ from age 20
If you haven’t lived in New Zealand for long enough to qualify for NZ Super you can wait until you’ve lived in New Zealand long enough to apply. You can also use another country to meet the criteria if:
You do not have to stop working or earning income to qualify for NZ Super. It is not means tested and does not take into account your existing assets.
However, what type of income you earn can affect your payments. Earning income may change your tax code which could effect your Super payments.
If you qualify for NZ Super you’ll be paid ever fortnight on a Tuesday. How much you receive will depend on your tax code.
| TAX CODE | M | S | SH | ST | SA |
| Live alone or with a dependent child | $1,043.24 | $1,001.24 | $849.74 | $813.38 | $740.66 |
|
Live with someone who's either: 18 or older (unless they're a dependent child who's 18), or visiting and staying more than 13 weeks in any 26 week period. |
$963.32 | $921.32 | $781.82 | $748.26 | $681.38 |
| TAX CODE | M | S | SH | ST | SA |
| Both of you meet the Super requirements |
$803.48 each | $761.48 each |
$646.22 each |
$618.56 each |
$563.24 each |
| Only one of you meets the criteria for NZ Super |
$803.48 each | $761.48 each |
$646.22 each |
$618.56 each |
$563.24 each |
New Zealand is a high cost of living country. It’s recommended that you plan for your retirement by saving through a KiwiSaver or work-related pension scheme so that you can top up your NZ Super payments. Most people will struggle to live on their NZ Super payments alone.
There are other payments available for seniors over the age of 65. These include:
Accommodation Supplement - help with rent, board, mortgage or related costs
Disability Allowance - for pensioners with regular ongoing disability costs
Temporary Additional Support - to cover essential living costs,
Community Services Card - save on health care and public transport costs
Sometimes. You can receive NZ Super in the first 26 weeks of going overseas. Beyond that you will need to advise Work and Income New Zealand and your payments will depend on where you are living. This is because New Zealand has SSA agreements with some countries and you may have to apply through your new country's Superannuation scheme to get paid.
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