New Zealand Superannuation rates – from 1 April 2018
|Before tax (gross)||Post-tax (net)|
|a year||a week||a year||a week|
|Single, living alone||$24,078.08||$463.04||$20,845.24||$400.87|
|Married couple one qualifies||$18,239.52||$350.76||$16,034.72||$308.36|
|Married couple both qualify||$36,479.04||$701.52||$32,069.44||$616.72|
New Zealand Superannuation is paid fortnightly. The next change is due 1 April 2019.
New Zealand residents are entitled to receive NZ Super (the “old age pension”) if they satisfy all of the following conditions. They must:
- have reached pension age (currently age 65);
- be a New Zealand citizen or permanent resident;
- live in New Zealand;
- have lived in New Zealand for at least 10 years since age 20;
- have lived in New Zealand for at least 5 years since age 50.
- HOW DOES NZ SUPER WORK? The NZ super benefit is linked directly to the national average wage and is reviewed each year (1 April). The current level is 66% of the net national average wage.There are no income or asset tests applied to NZ Super. However, if one partner of a couple qualifies and the other does not, both may receive the benefit, but an income test applies in respect of the benefit paid to the partner that does not qualify in their own right.
- However, entitlements to an overseas social security pension (like the UK’s Basic State Pension) but not work-related, employer-provided pensions reduce the New Zealand pension by the equivalent amount.
- The pension is taxed as income in the normal way under the PAYE system
- Residence in a country with which New Zealand has reciprocal social security arrangements (like Australia and the UK) counts as residence in New Zealand.
Posted By Alec Waugh, thanks to Super Life for the above information