Pension plans in Auckland


The New Zealand Superannuation Fund is a pension paid by the government. Established under the New Zealand Superannuation and Retirement Income Act 2001, the New Zealand Superannuation Fund was created to reduce the tax burden on future New Zealand taxpayers of the future cost of funding New Zealand Superannuation payments. Like many countries around the world, New Zealand has an ageing population, with the number of retired people expected to double by 2050. Accordingly, the cost of providing New Zealand superannuation is also expected to double in this period.

New Zealand does not have an official retirement immigration category. You may nevertheless still be able to retire to New Zealand provided you qualify for permanent residence in one of the country's normal immigration categories. A significant number of people have obtained permanent residence as skilled workers while in their 50s with a view to working for a short time and then retiring in New Zealand. If you do obtain residence in New Zealand, the following applies:

  • In order to qualify for New Zealand superannuation, you must have lived in New Zealand for at least 10 years since you turned 20. Five of those years must be since you turned 50.
  • Time spent overseas in certain countries may be counted for New Zealand Superannuation. New Zealand has social security agreements with Australia, Canada, Denmark, Greece, Ireland, Jersey/Guernsey, The Netherlands and The United Kingdom. People from the UK, for example, can use time spent in the UK (with UK National Insurance payments) to make themselves eligible for New Zealand Superannuation. If you are from one of the countries listed, you can download a NZ government guide to your eligibility for New Zealand superannuation.
  • Superannuation is currently worth NZ$18,954 gross per annum if you're single or NZ$14,228.76 gross for each person in a married/civil union/de facto couple.
  • Superannuation is part of your taxable income and the amount you are paid will be reduced by the impact of income tax paid at your normal rate.
  • New Zealand Superannuation is maintained between 65% and 72.5% of average full-time net earnings.
  • By law, you can work to any age you want to in New Zealand.
  • If you qualify for New Zealand Superannuation and work beyond the age of 65, you will receive both your pay and your NZ Superannuation payments.
  • Any pension you get from an overseas government will probably be deducted from your NZ superannuation.
  • Any pension you get from a former employer overseas will probably be paid in addition to your full NZ Superannuation.

Update 6/12/2009


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