National Superannuation

[Voltaire]

It was mentioned in an election thread.

I'm some years away from retiring but planning ahead.

I was under the impression the Pension was not means tested.( its not)

What I took from this is I could say work at Bunnings part time and I'd still get my full Pension.

It would appear that is not the case, and although you are not means tested your Pension will be taxed at 70%

So you and partner can earn up to $5000 a year before this kicks in. ( $100 a week), included interest, rents, shares, paid work etc.

Correct me if I'm wrong.

Does this mean I should vote for Winston :eek5:





From Govt Website


Fortnightly payments Before tax Taxed at ‘M’ (if you have no other income)
Single, living alone $900.20 $780.40
Single, sharing $827.20 $720.36
Married, civil union or de facto couple (both partners qualify) $681.60 each $600.30 each
Married, civil union, or de facto couple*
(only one partner qualifies) $645.56 each $570



If your spouse or partner is included in your payments, you can earn up to $100 (before tax) a week between you, before your New Zealand Superannuation is affected.
If you earn more than $100 (before tax) a week your payments are reduced by 70 cents for every dollar of income over $100 (before tax).

[HondaLad]

I think you'll find that the income testing is only applicable if you are assessed including a non-qualifying partner.

From the "Including your partner in payments" section: https://www.workandincome.govt.nz/eligibility/seniors/superannuation/superannuation-overview.html

If you have a partner we need 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. We'll 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.


If you include your partner, any other income either of you earn could affect how much you get.

[Grumph]

I think you'll find that the income testing is only applicable if you are assessed including a non-qualifying partner.

From the "Including your partner in payments" section: https://www.workandincome.govt.nz/eligibility/seniors/superannuation/superannuation-overview.html

If you have a partner we need 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. We'll 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.


If you include your partner, any other income either of you earn could affect how much you get.

I have a qualifying partner - but if I reapply for the disabilty allowance I'm entitled to, her income becomes an issue. So no disabilty allowance....Just the basic super.
IMO it needs a staged taxing regime to at least encourage pensioners to get out and stay active and earn some coin.
I bet if anyone gets the chance to ask Winston, he'd promise it....

[russd7]

given that those of us that are over fifty have already been taxed for the "guaranteed retirement income" which put our tax rate up a few percent back in the early ninetees (could have been the eighties, the memory is fading) then had to watch the eligible age raise from 60 then i don't believe that the pension should be means tested in any way shape or form.

[Oakie]

Basically your entitlement is not means-tested but the weekly payment is abated if you are still earning a weekly wage. I intend to work until I'm 68 so probably wont even bother claiming super until I stop working.

[Grumph]

Basically your entitlement is not means-tested but the weekly payment is abated if you are still earning a weekly wage. I intend to work until I'm 68 so probably wont even bother claiming super until I stop working.

Claim it as soon as you're eligible. If you don't and they change the eligibility criteria on you, who knows what might happen.
Trust no one....

[russd7]

Basically your entitlement is not means-tested but the weekly payment is abated if you are still earning a weekly wage. I intend to work until I'm 68 so probably wont even bother claiming super until I stop working.

in other words its means tested

[Ocean1]

I think you'll find that the income testing is only applicable if you are assessed including a non-qualifying partner.

From the "Including your partner in payments" section: https://www.workandincome.govt.nz/eligibility/seniors/superannuation/superannuation-overview.html

If you have a partner we need 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. We'll 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.


If you include your partner, any other income either of you earn could affect how much you get.

So if a married couple both qualify they can earn as much as they want without affecting their pension?


I have a qualifying partner - but if I reapply for the disabilty allowance I'm entitled to, her income becomes an issue. So no disabilty allowance....Just the basic super.
IMO it needs a staged taxing regime to at least encourage pensioners to get out and stay active and earn some coin.
I bet if anyone gets the chance to ask Winston, he'd promise it....

And if you get decrepit enough they'll decline to pay for your care if your family home is worth more than $180k, (?)

So again the message is clear: don't bother working hard to make provision for your dotage, they're just going to tax you into submission until you're poor enough to qualify for charity. Hookers and blow is the officially sanctioned choice.

[James Deuce]

given that those of us that are over fifty have already been taxed for the "guaranteed retirement income" which put our tax rate up a few percent back in the early ninetees (could have been the eighties, the memory is fading) then had to watch the eligible age raise from 60 then i don't believe that the pension should be means tested in any way shape or form.
News Flash. I'm 51. I don't expect to get Super. It will be gone within 10 years.

[jasonu]

News Flash. I'm 51. I don't expect to get Super. It will be gone within 10 years.

But you will still be paying for it in your taxes. Sucks aye.

[James Deuce]

But you will still be paying for it in your taxes. Sucks aye.
Yep. I fall into a demographic hole where there will be more old people than middle-upper income earners can support. So they'll borrow and borrow until the population chart for the BBs falls under the earner demographic following mine and go, "Gee, sorry you fellas are going to have to live with your families or something. There's no money left".

[oldrider]

"Gee, sorry you fellas are going to have to live with your families or something. There's no money left".

Well if there is no money left for the so called Baby-boomers - it stands to reason that there will be none left for those on the existing scheme either! :brick:

I guess we will be just as hungry as you guy's - BUMMER aye! :facepalm: . Bankers and politicians FFS! - who needs them? :scratch:

[Voltaire]

Statistics New Zealand predicts that the population aged 65 years and over will surpass one million by the late 2020s, compared with 550,000 in 2009. The 65+ age group will also grow as a proportion of New Zealand's total population, increasing from 13% in 2009 to more than 20% by the late 2020s. By the late 2050s, one in every four New Zealanders will be 65 years or older.



Between 2003 and 2009, the Government contributed NZD14.88 billion to the Fund. Contributions are scheduled to resume from 2020/21. From around 2035/36, the Government will begin to withdraw money from the Fund to help pay for New Zealand Superannuation. The Fund will continue to grow until it peaks in size in 2073.

Looks like National had a bit of a Savings Break.:mellow:

By the year 2050 Bingo is tipped to surpass Rugby as the national sport.

https://www.nzsuperfund.co.nz/nz-super-fund-explained/purpose-and-mandate

[Berries]

By the year 2050 Bingo is tipped to surpass Rugby as the national sport.
Like the people who know what bingo is, it will die out well before 2050.

[Swoop]

News Flash. I'm 51. I don't expect to get Super. It will be gone within 10 years.

That's the main reason I refuse to join kiwislaver. Letting the public servants move the goal posts further and further away isn't appealing.

[Akzle]

Hookers and blow is the officially sanctioned choice.

i am just.... so far ahead of you in every way.

[pritch]

So if a married couple both qualify they can earn as much as they want without affecting their pension?


When I retired the major concern was to ensure I changed to the correct tax code. The IRD advice was vague but I didn't want those bastards telling me I hadn't been paying enough tax and wanting a big chunk of cash at some future point.

Don't take it as gospel but I think your above statement may be correct. I know people who used to bank the pension in a separate account and use it as a holiday fund or whatever while they kept working.

One person who has responded to this thread seems to know that of which he speaks. :yes: Send him a PM with a specific question and see how you get on?