New Zealand superannuation is a flat rate pension paid to all New Zealand residents once they turn 65. The resident must have lived in New Zealand for at least 10 years since turning 20, with at least 5 of those years spent since the age of 50.
The New Zealand retirement system also has the Kiwisaver scheme. This pension scheme is based on a person’s employment income. Contributions are deducted at either 3%, 4% or 8% of a person’s gross salary and invested with a government approved and licenced member of the Kiwisaver pension scheme. In addition to the amount deducted, the employer must contribute at least 3% of a person’s gross salary.
Funds are available to a person at the age of 65. However, a person can, under certain conditions, draw on this pension to purchase a home.
New Zealand Private pension schemes are referred to as defined benefit schemes (DBS) or defined contribution schemes (DCS). A defined benefit scheme has a formula which states the agreed pension amount in advance. A defined contribution scheme pension amount depends on how assets acquired with the funds have performed.
These schemes are usually occupational pensions, offering higher contributions and additional benefits like life and disability cover.
In addition to the above, you may also be able to transfer your pension when you decide to move to Auckland. Our expert E-Team member will assist you with navigating the rules to ensure that your transfer is properly executed. If you are moving from the UK to Auckland and you are planning to take your pension with you, contact our E-Team member today.
Pension Transfers (2005) Limited
With numerous awards, Tom Gilbert, Managing Director, has sure got it for you in planning your future and being prepared for it, specifically transfer of your UK pension to New Zealand.
Pension Transfers offer specialized pension transfer services and make your experience financially beneficial. No matter what stage you’re at, they will provide you with the right advice and products for you to approach and enjoy retirement with confidence.
To know more about Pension Transfers, please see contact details below:
Contact Person: Tom Gilbert