New Zealand First’s objective is to preserve the entitlement of New Zealanders to retire and receive New Zealand Superannuation (NZS) as it now is with eligibility at 65 years and as a universal non-contributory publicly funded pension scheme with no means-testing.
Currently at 4.3 net per cent of GDP, NZS is well below OECD average of 7 per cent of GDP for pension schemes.
New Zealand First proposes Kiwisaver is made compulsory and sensible changes are made to NZS concerning immigrants and overseas pensions.
New Zealand First’s Superannuation policy responds to:
· Pressure to raise the age of eligibility above 65 years without considering its social effects and the inability of many people to maintain employment in their senior years.
· Inaccurate and misleading claims about the financial viability of NZS with its eligibility age at 65 years.
· Over 70,000 migrants who have entered New Zealand under parent reunification in the last 15 years, who will qualify for NZS after 10 years residence without any requirement to have worked and paid taxes in New Zealand.
· Migrants and expatriate New Zealanders who have worked overseas and who have earned overseas pensions, which are currently deducted from their NZS under Section 70 of the Social Security Act 1964.
· The unfairness of the current system to New Zealand citizens and taxpayers who have lived and worked in New Zealand their entire lives.
New Zealand First will:
- Maintain NZS entitlement at 65 years, as a universal, non-contributory, publicly funded pension scheme with no means-testing.
- Raise the minimum residency requirement for full NZS from 10 to 25 years after age 20.
- Abolish Section 70 of the Social Security Act 1964 ensuring all NZS applicants will retain their overseas pensions without any deduction from their NZS or from their spouse’s NZS.
- End the labyrinth of bureaucratic complexities and unfairness caused by existing reciprocal pension agreements with other countries; Overseas pensions are no business of the New Zealand Government.
Rt Hon Winston Peters MP on this policy
"New Zealand First’s objective is to preserve the entitlement of New Zealanders to retire and receive New Zealand Superannuation (NZS) as it now is with eligibility at 65 years and as a universal non-contributory publicly funded pension scheme with no means-testing."