walshy
13th August 2008, 09:38 AM
May be a thick question but do they have a version of our state pension in nz that we would be entitled to at retirement age, if we moved there now and lived and contributed tax wise next 30 years?
Mrs Pony
13th August 2008, 09:40 AM
I believe it's the Supperannuation.
http://www.nzsuperfund.co.nz/
JoHnH
13th August 2008, 11:53 AM
Depends how far ahead you're looking.
The current universal state pension, New Zealand Superannuation, is paid at age 65 provided you have lived in NZ for at least 10 years after the age of 20and for 5 of the last ten years. It is not linked in any way to personal contributions, and is fundedfrom general taxation.
Under Reciprocal Agreements, residence in certain other countries, including the UK and Australia, counts as residence in NZ (although there are complications in that area.)
The pension is not means tested if you are single or both partners in a relationship are over 65.
If one partner is under 65, they can be included in the qualified spouse's pension, but the standard Social Security means test applies. (Only to your income, not your assets.)
Current rate for a person living alone is $285.87 per week. For a married person with a non-qualified spouse, the rate is $219.90 pw. Double that if you both qualify.
Spouse-included rate before means test $419.36 per week.
The scheme has been prohibitively expensive for the country since a lunatic called Muldoon introduced it in the 1970's, and governments are still frantically trying to supplement or replace it with more contributory approaches (e.g. the Superannuation Fund) or savings incentives (KiwiSaver.)
So how much longer it can continue in its present form is anyone's guess. Politicians are very mindful of the Grey Power vote.
Anyway stuff you, Jack. I've just got mine.
walshy
13th August 2008, 01:08 PM
lovely, thanks
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