NZ Super rates – How much is New Zealand Superannuation?

New Zealand Superannuation rates (1st April 2022)

As of the age of 65, New Zealanders can receive a fortnightly payment from the government under a universal public pension scheme.

The New Zealand Superannuation, also known as the NZ Super, is not income or asset tested. This means the amount of income you earn, or whether or not you own your own home, won’t affect your eligibility.

Standard rates

Below are the current superannuation rates after tax has been deducted at rate 'M'.

For other tax codes, please visit the Work and Income website.

 

Standard NZ Super Rates

(tax code M)

Qualifying as 

Weekly rate

Single (living alone)

$463 

Single (sharing) 

$427

Married, civil union or de facto couple one partner qualifies (and the other is not included)

$356

Married, civil union or de facto couple: both partners qualify

$712

Married, civil union or de facto couple: one partner qualifies and the other is included

$677

 

Can you live on the NZ Super payment alone?

Not quite...

While receiving the NZ Superannuation is a great start, the average gap between the NZ Super and what retirees spend in retirement can be as much as $800 according to Research from Massey University.

According to the study, even those who live on their own with a 'no frills' lifestyle in the provinces need to supplement their NZ Super payments by more than $160 a week.

For many people, the NZ Super is unlikely to provide them with the lifestyle they were hoping for in retirement.

It's clear that for many kiwis, the NZ Super alone is just not enough. Retirees need to have a clear plan in place to bridge the income gap in retirement. 

 

Will you have a retirement income gap?

Calculate what your income could be in retirement

Lifetime is designed to help you bridge the income gap in retirement

 

Lifetime helps you turn a lump sum (retirement savings) into a regular, tax-paid, fortnightly income designed to last for the rest of your life. So you can enjoy the lifestyle you deserve.

  • Lifetime helps you take care of the income part of your retirement plan.
  • Lifetime actively manages the key unknowns: your life expectancy and investment returns.
  • Lifetime's investment strategy is focused on supporting you to a ​target age, not on gaining high returns in any one year.
  • Lifetime works to preserve your long-term capital to support your ongoing retirement income payments for life.
  • Lifetime is backed by a dedicated team of industry experts

 

 

 

Frequently asked questions about NZ Super

Can I receive NZ Super if I’m still working?

Yes. NZ Superannuation is not income-tested. However, it might affect the tax you have to pay on your combined income.

However, if your spouse or partner doesn’t qualify for NZ Super and you chose to include them in your payments, before 9 November 2020, this may impact how much NZ Super you receive.

You can learn more here about how other payments, including overseas pensions, affect NZ Superannuation.

Who's eligible for the NZ Super?

  • To be eligible for NZ Super, you need to be aged 65 or over and be a legal resident of New Zealand. (You can receive the NZ Super even if you’re still working)
  • You need to have lived in New Zealand for 10 years since age 20. Starting in July 2024, however, this residency requirement is gradually increasing to 20 years by July 2042
  • You'll need to have lived in New Zealand, the Cook Islands, Niue or Tokelau (or a combination of these) for 20 years since age 20, with 5 of those years from age 50 or older
  • It’s important to remember that NZ Super may be different in years to come in terms of who gets it and when
  • The government’s Work and Income department has detailed information on exactly who can apply to receive NZ Super and how you go about it

How do I apply for NZ Super?

If your 65th birthday is in the next 12 weeks or you’re already 65, then you’re ready to apply. You can find out about how to apply and the documentation you’ll need at Work and Income.

When is NZ Super paid?

NZ Superannuation payments are made every second Tuesday, or earlier if there is a public holiday. You can find the exact dates here.

I have lots of other questions. Where should I go?

Work and Income should be your first port of call for all information relating to the New Zealand Superannuation scheme.

NZ Superannuation Articles