Village Voice

Tuesday, March 07, 2017

NZ superannuation changes

 

On Monday 6th March 2017, Bill English announced that the age of eligibility for superannuation will rise from 65 to 67.

 

Summary of changes

  • It will be phased in from July 2037 and will not affect anyone born before July 1972.
  • The age of eligibility will increase six months each year from July 1, 2037, until it reaches 67 on July 1, 2040.
  • The level of payout, and how it is increased each year will not change.
  • New migrants to qualify will need to be here for 20 years - up from 10 years now - with five of those after they turn 50.
 

How you will be affected:

  • Born on or prior to 30th June 1972 - eligible for NZ Super at the age of 65 (no change). 
  • Born between 1st July 1972 to 30th June 1973 - eligible for NZ Super at the age of 65 and 6 months.
  • Born between 1st July 1973 to 30th June 1974 - eligible for NZ Super at the age of 66.
  • Born between 1st July 1974 to 30th June 1975 - eligible for NZ Super at the age of 66 and 6 months.
  • Born on or after 1st July 1975 - eligible for NZ Super at the age of 67.
 
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