Solutions
ARTICLES > What about Government Superannuation?

What about Government Superannuation?

grandparents_1.jpg
An aspect to New Zealand society that can dampen the challenge to save for retirement is that we live in a country that gives a fortnightly superannuation payment to the elderly. This is called Government Superannuation or, sometimes, "The Pension."

► Want to save money?
►  pay off your mortgage faster?
►  be in control of your finances?
FORTIfi Insurance Ltd has a solution to almost every financial need.
Click on the FORTIfi logo to find out how we can help you.
For some years we have been warned that Government Superannuation may, in the future, be markedly decreased.  While that may or may not happen, the reality is, even the current payments are not great in terms of how much a retiree receives. They cover most daily living expenses but Logo Green X-small.jpg
leave little for those extras most of us look forward to as a part of our retirement years. (Some financial analysts believe that, rather than dropping the size of payments, the Government may eventually raise the qualifying age for Government Superannuation from 65 years to 70 years – that may or may not happen).

This chart shows what you could expect to receive from the Government Superannuation Scheme were you to retire today:        
Government Superannuation Rates
as at October 1st 2010
Category Weekly Rate Fortnightly payment (nett) including Temporary GST Assistance
Gross Nett Temporary GST Assistance (not taxable)
Single, living alone $373.56 $327.14 $6.61 $667.50
Single, sharing $342.58 $301.58 $6.09 $615.34
Married person or partner in a civil union or de facto relationship $280.62 $250.47 $5.06 $511.06
Married or in a civil union or de facto relationship, both qualify Total $561.24 $500.94 $10.12 $1.022.12
Each $280.62 $250.47 $5.06 $511.06

Married or in a civil union or de facto relationship, non qualified partner included on or after 1 October 1991		 Total $531.72 $476.08 $9.62 $971.40
Each $265.86 $238.04 $4.81 $485.70
Married, non-qualified partner included before 1 October 1991 Total $561.24 $500.94 $10.12 $1.022.12
Each $280.62 $250.47 $5.06 $511.06
Partner in rest home, with non-qualified partner $271.20 $242.63 $5.62 $496.50
Hospital rate $39.64 $35.55 $0.72 $72.54
NOTE - • if you have any form of employment or income it may alter both the amount you receive and your tax code. also, people whose payments commenced prior to October 1st 1991 may receive more than the above figures.
• For the latest figures and more information see The Work and Income website.
• And, just in case you wondered, these figures are based on a proportion of the national average wage. That used to be 65% but in recent years that percentage has decreased.

Signup for our monthly newsletter

It's full of hints about saving money and tips about your personal finances.  Fill in the spaces and click on the sign-up box below

First Name*
Last Name*
Email*

Contact Us

Auckland Phone: 
+64 9 830 2022
Freephone:
0800 50 44 44
E-mail:   info@fortifi.co.nz