In New Zealand you can choose to save for your retirement through a private financial institution or you can rely on the New Zealand Superannuation pension.

New Zealand Superannuation

The New Zealand Superannuation pension is available to New Zealand citizens and permanent residents aged 65 years and over. It provides a modest pension and is funded through government revenues. Eligibility is based on national residency status and the length of time spent in New Zealand.

If you would like to receive NZ superannuation, contact Work and Income on 0800 552 002. The Retirement Commission’s website also has comprehensive information about New Zealand superannuation.

• Retirement Commission website
• Sorted Website
• Work and Income website

KiwiSaver

KiwiSaver is a new voluntary savings that began in April 2007. The scheme is designed to help and reward people who save for their retirement. Kiwisaver is available to all New Zealand citizens and people entitled to be in New Zealand indefinitely, aged up to 65. All those who begin new employment will be signed up with the scheme by default. People not wanting to be registered with KiwiSaver must let their employer know.

Kiwisaver website

Private Superannuation

You can choose to save for your retirement through a financial services company which offers superannuation products, or you can save for your retirement through your place of work (if this is offered). Usually there are benefits to saving through a workplace, including the payment of fees and employer contributions.

Reciprocal Social Security Agreements

If New Zealand has a reciprocal social security agreement with the country you come from, you may be able to claim the pension that your home government provides while living in New Zealand. Reciprocal agreements are different for different countries.

In general, reciprocal agreements help you to get the New Zealand level of pension if you retire in New Zealand. It is funded first through your home government’s contribution, then topped up by the New Zealand government - up to the maximum amount of pension that you are eligible for.

• Reciprocal Tax Agreements
• Work and Income website

Transferring Private Superannuation

Financial consultants in New Zealand can help you with transferring your private superannuation scheme from your home country to New Zealand. New migrants can receive this kind of help from the Regional Economic Development Agency.

Grow Wellington website

Related Links

• Insurance and Savings Ombudsman