New Zealand Superannuation (NZ Super) is the government pension paid to Kiwis. You may qualify for NZ Super if you:
- are 65 or over
- live in New Zealand, the Cook Islands, Niue, or Tokelau when you apply.
- have lived in New Zealand for at least 10 years since you turned 20.
- have lived in New Zealand, the Cook Islands, Niue, or Tokelau for at least 5 years since you turned 50.
- have migrated to New Zealand (with less than 10 years residence) from a country it has a social security agreement with.
Any eligible New Zealander receives NZ Super regardless of how much they earn through paid work, savings and investments, what other assets they own or what taxes they have paid.
You don’t have to be retired from work to get NZ Super as it’s not income tested. Although, other income you earn can affect other payments you get from Work and Income (WINZ).
Once you have been granted NZ Super, your SuperGold Card will be sent to you automatically. It gives you discounts and offers from a range of businesses, government concessions (free off-peak public transport) and discounted services from your local council.
You may be able to get special benefits and pensions if you’ve served with the New Zealand Armed Forces.
Payment of NZ Super is made directly to your bank account every two weeks. How much you get depends on your current circumstances, such as:
- whether you are single, married, or in a relationship
- whether your partner is included in your NZ Super payments or not
- any overseas benefit or pension you or your partner may get
- your living situation if you are single
Payments from accident insurance or Accident Compensation Corporation (ACC) may affect your pension. Talk to WINZ if you get these payments.Taking Control of Your NZ Super Click To Tweet
If you have a partner, WINZ will have to ask you about them as this affects the amount you’re paid — even if you’re not including them in your payments.
NZ Super is not income tested. WINZ will only ask about you and your partner’s income if:
- you want to include your partner in your payments and they don’t qualify for New Zealand Superannuation in their own right.
- you apply for other assistance as part of your application for New Zealand Superannuation.
- you include your partner, any other income either of you earn could affect how much you get.
If you include your partner in your payments, you can earn up to $100 a week or $5,200 a year (before tax) between you before your NZ Super is affected. Your payments are reduced by 70 cents for every dollar of income over $100 (before tax) a week.
WINZ also need to know whether you or your partner get an overseas benefit or pension. Overseas benefits or pensions will generally be directly deducted from NZ Super as in some cases, they will be treated as income.
Beneficiary loans from PPL
If you receive Work and Income payments, including superannuation, and are looking for a loan, you can expect limited options. Lenders may have stricter criteria for those receiving supported living or superannuation payments.
You’ve probably heard the term ‘beneficiary loans’ before. What exactly is a beneficiary loan in NZ? If you need money quicker than you’re receiving benefits, then a beneficiary loan is for you.
After you apply for a loan, you’ll know the outcome within a matter of minutes, at which point, a PPL customer service rep will send you a friendly email with a few forms to sign.