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.