Superannuation NZ

The government of New Zealand has a number of programs to protect the present and future quality of life of its residents. Among these, various savings schemes are available, as well as supplemental income programs for those that are eligible.

If you are 65 or over and a resident of New Zealand, you may be eligible for fortnightly payments from the NZ government pension scheme New Zealand Superannuation. This program provides fixed amounts of income support for retirement aged Kiwis to supplement their retirement income and meet their basic needs.

While having the security of income support from the Superannuation NZ program is helpful, it probably won’t meet all your retirement funding needs.

If you need advice about New Zealand Superannuation or would like more information on how to supplement your Super NZ payments, reach out to our Qualified Financial Advisers today for your no obligation FREE Discovery Session.

What Is NZ Superannuation?

The New Zealand Superannuation fund is the government pension fund paid to Kiwis aged 65 and over. It is often shortened to ‘NZ Super’, ‘Super NZ’ or simply ‘Super.’

It is funded by government contributions and managed by the Guardians of New Zealand Superannuation. The super fund invests the money paid into it and runs it as a sovereign wealth fund to provide support via payments to Kiwis throughout retirement.

Any eligible New Zealand citizen receives NZ Super no matter how much they have earned during their working life or what assets, savings, or investments they have.

You can even receive NZ Super if you are still working full time or part time after the age of 65. A single person living alone is likely to receive $874 in fortnightly payments before tax, while rates after taxes and for couples will differ.

How Much Is Superannuation In NZ?

NZ Super is paid on a fortnightly basis and is based on 66% of the average ordinary time wage after tax for couples. For singles the after-tax NZ superannuation rate is about 40% of the average wage.

The current superannuation rates as of 1st April 2021 after tax at the M tax rate are as follows:

Qualifying as Weekly rate Annual rate
Single & living alone $437 $22,721
Single & sharing $403 $20,973
Married/civil union/de facto couple: one partner qualifies, the other is not included $336 $17,478
Married/civil union/de facto couple: both partners qualify $672 $34,955
Married/civil union/de facto couple: one partner qualifies, the other is included $639 $33,225

Talk To One Of Our Specialist Financial Advisers

We are specialists in assisting you in reaching your financial goals. We would love to hear from you.

Who Qualifies For NZ Super?

To qualify for Super NZ, you need to be 65 or over, be a legal resident of New Zealand, and have lived in the country for more than 10 years since the age of 20.

You can continue working as long as you like while receiving Super NZ, although your income combined with your Super payments may be taxed at a different rate.

The residency criteria can be quite strict, especially if you have lived in different countries throughout your lifetime. Work and Income may need permission from Immigration New Zealand to confirm the dates you travelled and stayed outside of the country.

Starting in July 2024, the residency requirement to receive NZ Super will gradually increase to 20 years by July 2042. The residency requirement includes the Cook Islands, Niue or Tokelau (or a combination of any of these) for at least 20 years after the age of 20.

How Do I Apply For NZ Super?

As with most government assisted programs, the application process for NZ Super requires you to :

  • Complete an application form. You can do this either online or in person.
  • Attend an interview.
  • Provide specific documents such as:
    • two forms of identification,
    • bank account details, and
    • information about additional income, investments and overseas pensions for verification.

Unless you live overseas, you can apply for NZ Super online through MyMSD if you are already 65 or are turning 65 within 12 weeks.

Follow the instructions on the Work and Income government website to apply for NZ Super.

What Is The Difference Between NZ Superannuation And KiwiSaver?

NZ Superannuation and KiwiSaver are two different schemes. KiwiSaver is a mostly voluntary retirement scheme in which you choose to make contributions into an investment account. Once you reach 65 you can receive both KiwiSaver and NZ Super. However, Work and Income does consider KiwiSaver income as an asset which may complicate other support you receive.

We highly recommend seeking advice about what to do with your KiwiSaver savings with regards to your NZ Super once you turn 65. Reach out to our Qualified Financial Advisers today for your no obligation FREE Discovery Session.