NEW ZEALAND SUPERANNUATION
New Zealand Superannuation Rates 2024 & 2025
- Updated
NZ Super is a government-funded pension scheme that helps retirees maintain their standard of living and supplements their retirement income.
All citizens and residents aged 65 and above in New Zealand are entitled to receive Superannuation (pension, National Super, NZ Super or NZS) payments, which today’s taxpayers fund.
New Zealand Superannuation Rates 2024 and 2025
New Zealand Superannuation (NZ Super) is paid fortnightly on a Tuesday. How much you get depends on your situation and your tax code. If you only get NZ Super, your tax code will likely be ‘M’.
How much is NZ Super per fortnight?
Rates valid from 1 April 2024 until 31 March 2025:
| Net weekly rate (after tax at 'M') | Net fortnightly rate (after tax at 'M') | Net Yearly Amount (after tax at 'M') | |
| Single, Living alone | $519.47 | $1,038.94 | $27,012.44 |
| Single, Sharing | $479.51 | $959.02 | $24,934.52 |
| Couple Only one of you meets the criteria for NZ Super | $399.59 | $799.18 | $20,778.68 |
| Couple Both you and your partner meet the criteria for NZ Super (combined) | $799.18.64 | $1,598.36 | $41,557.36 |
Historic rates valid from 1 April 2023 until 31 March 2024:
| Net weekly rate (after tax at 'M') | Net fortnightly rate (after tax at 'M') | Net Yearly Amount (after tax at 'M') | |
| Single, Living alone | $496.37 | $992.74 | $25,811.24 |
| Single, Sharing | $458.18 | $916.36 | $23,825.36 |
| Couple Only one of you meets the criteria for NZ Super | $381.82 | $763.64 | $19,854.64 |
| Couple Both you and your partner meet the criteria for NZ Super (combined) | $763.64 | $1,527.28 | $39,709.28 |
NZ Superannuation rates 2024 after tax
Pensioners living alone receive NZ Super rates of $1,038.94 per fortnight in 2024, an increase of $46.20 from the previous rate of $992.74. Pensioners who live with housemates will receive $959.02 instead of $916.36. Couples will receive $799.18 instead of $763.64.
The new rates are based on:
- Consumer Price Index (4.66% rise) vs 7.2% increase the year before.
Comparison: NZ Superannuation Rates 2023 after tax
Pensioners living alone receive NZ Super rates of $992.74 per fortnight in 2023, an increase of $66.86 from the previous rate of $925.88. Pensioners who live with housemates will receive $916.36 instead of $854.66. Couples will receive $763.64 instead of $712.22. Increases based on the 7.2% CPI figure.
NZ Super Payment Dates 2024
What is New Zealand Superannuation?
NZ Superannuation is a crucial aspect of New Zealand’s social welfare system, providing money to seniors to ensure a decent standard of living during their retirement years.
In 1999, the government of New Zealand established the New Zealand Superannuation Fund (NZSF) to help fund future generation’s superannuation or golden years.
During his time as Minister of Finance, Hon. Dr Michael Cullen acknowledged the fact that as New Zealand’s population continued to age, the number of people receiving the public pension, New Zealand Superannuation (NZS), would significantly increase in comparison to the size of the taxpayer population over the next few decades.
In an October 2000 Cabinet paper related to establishing the NZSF, Dr Cullen stated, “By setting aside some Crown resources toward retirement income now, while we can afford it, we will be able to smooth out the cost over time” (New Zealand Treasury, 2000a).
Who can get NZ Superannuation?
You may qualify for NZ Super if you:
- Are you 65 and over?
Either:
- Are a New Zealand citizen
- Are permanent residents or
- Hold a residence-class visa.
- You are ordinarily resident in New Zealand, the Cook Islands, Niue or Tokelau when you apply, and
- You have lived in New Zealand for at least ten years, since you turned 20. The ten or more years must include five years since you turned 50. If you haven’t lived in New Zealand for at least ten years, you may use other countries to meet this residence criteria.
Your partner and NZ Superannuation
How much NZ Superannuation you receive depends on your living arrangements and whether you have a partner.
When applying for NZ Super, you must inform Work and Income if you are married, in a civil union, or in a de facto relationship – regardless of the gender of your partner.
This is because the amount you get is different depending on partnership status and whether you’re:
- single and living alone
- single and sharing with others
- in a relationship, and both of you qualify for NZ Super
- in a relationship, but only you qualify for NZ Super.
How to apply for NZ Super?
- You need a client number (you may already have one if you’ve dealt with Work and Income before). If not, complete the online form to get one.
- Register or log in to MyMSD – complete the application (you’ll need your banking information and details about you and your partner if you weren’t born in New Zealand)
- Follow the instructions provided after you apply, as you may need to provide more supporting documentation.
- Sign your form and follow the instructions to send it back
NZ Super – Must-Know Steps to Ensure You Receive All Your Entitlements
Once you’re approved for Superannuation, Work & Income automatically sends you a SuperGold Card, which provides access to discounts and offers from NZ businesses. From this date:- You’ll receive payment from superannuation directly deposited into your bank account every two weeks.
- If you served in the war or other emergency situations in the armed forces, you might qualify for a Veteran’s Pension (which may be better than your Superannuation benefits). Work and Income’s Veteran Pension guide has more details.
- You can still work and get NZ Super.
- You must report any changes to your living situation, personal details, or if you intend to live overseas.
- If you have a partner, you must also report any changes your partner makes personally or professionally.
FAQ's
How much will I receive in Superannuation payment?
How much Superannuation you receive depends on a few circumstances:
- Your marital status
- Your living situation (if you aren’t married)
- Whether or not you receive any overseas pension
- Your tax code
What is the difference between NZ Superannuation and KiwiSaver?
The New Zealand Superannuation is a retirement benefit program funded through the tax revenue collected by the New Zealand government. On the other hand, KiwiSaver is a voluntary savings scheme aimed at helping employees and self-employed individuals save for their retirement during their working years. KiwiSaver complements the New Zealand Superannuation and helps individuals achieve a comfortable retirement.
Does KiwiSaver affect NZ superannuation?
What are the changes to NZ Superannuation 2024?
Superannuation benefits increased on 1 April 2024 by 4.66% compared to the previous year’s Consumer Price Index 7.2% increase.
New Zealand Superannuation benefits are adjusted annually to account for inflation. The increase in 2024 was based on the Consumer Price Index and not the net average wage (5.28% rise). Considering the rapidly rising living costs, thousands of New Zealanders will feel the Superannuation CPI indexation, which isn’t keeping up with living costs.
Do I pay tax on NZ superannuation?
NZ Super is a taxable income. Your tax code will depend on whether you receive only NZ Super or other income. If you receive only NZ Super, your tax code will be ‘M’.
How much can I earn on the pension nz?
Author: Willi Olsen
Willi has worked in the insurance industry since 2004, accumulating a wealth of knowledge broadly across all aspects of insurance and financial protection, as well as as a business owner.
The New Zealand Certificate in Financial Services (NZCFS Level 5) in Life, Health, and Disability and the (NZCFS Level 5) Investments strand back up this practical experience.