New Zealand’s National Superannuation

The New Zealand Government Superannuation (National Super) is based on 66% of the average national wage. As of 1st April 2009, the amount retired people receive is as follows:

You will be eligible if you:

• Are 65 years of age or over and
• Are a New Zealand citizen or permanent resident and
• Normally live here when you apply and
• Have lived in New Zealand for a certain amount of time

You need to have lived in New Zealand for:

• A total of 10 years since you turned 20 and
• 5 of those years have to be since you turned 50, unless you spent some of that time overseas:
  • Having special medical or surgical treatment or
  • Doing vocational training or
  • Working as a missionary or
  • Working with Volunteer Service Abroad or
  • Serving in one of the Commonwealth's armed forces or
  • Working on a New Zealand owned or subscribed ship trading to and from here

If you spent time overseas, you must usually have been living here before and after you were overseas. New Zealanders who are able to save into private pension plans or use other investment strategies (such as KiwiSaver) can generally expect a higher standard of living in retirement.

 This article was supplied by Broadbase International Ltd (www.broadbaseinternational.com). Information contained in this article is of a general nature and is not intended as a substitute for professional advice based on your individual circumstances. Disclosure statements are available on request and free of charge.