NZ Super
New Zealand's tax-funded universal pension is called New Zealand Superannuation (NZS). The age of entitlement for NZS is 65.
The rates from April 2008 are:
| Qualifying as | Rate |
|---|---|
| Single (living alone) |
$285.87 a week $14,865 a year (approx) |
| Single (sharing) |
$263.88 a week $13,722 a year (approx) |
| Couple (both qualify) |
$439.80 a week for both $22,870 a year (approx) |
| Couple (only one partner qualifies*) |
$419.36 a week for both $21,807 a year (approx) |
| Married person (choosing not to 'include' a spouse who doesn't qualify*) |
$219.90 a week $11,435 a year (approx) |
Source: Ministry of Social Development. Effective 1 April 2008. All taxed at M code, net rates.
These figures are intended as a guide only. If you are close to retirement and want to know more precisely the level of New Zealand Superannuation you would be entitled to (and information about supplements, overseas pension issues, etc) contact Work and Income on 0800 552 002 or at www.workandincome.govt.nz.
If you receive a pension from an overseas Government, it is likely to be deducted from your New Zealand Superannuation. For more details call Work and Income on 0800 552 002 and ask for the International Services office.
New Zealand Superannuation is taxed before you get it, but you still need to pay tax on any other income you get. If you do have other income or receive an overseas pension, talk to Inland Revenue about your tax rate so you don’t get a tax bill at the end of the year. Call Inland Revenue on 0800 227 774 (have your IRD number handy).
*If you and your partner are different ages, one of you will qualify for New Zealand Superannuation before the other. In this situation, the eligible partner can choose to 'include' the other person in their payments, in which case you could both get paid New Zealand Superannuation. However, any other income either of you have could affect the amount you get. If you don't 'include' the non-eligible partner, you will receive the Married Person rate. This means that over the time that only one of you is of qualifying age, the amount of New Zealand Superannuation you receive in total could range between $219.90 and $419.36 per week. For more details about the amount you would qualify for, contact Work and Income on 0800 552 002 or www.workandincome.govt.nz
