NZ Superannuation age going up to 67
On 6 March 2017, the Prime Minister, the Rt Hon Bill English, announced that the Government will progressively lift the age of eligibility for NZ Superannuation by six months each year from July 2037 until it reaches 67 in July 2040. This means everyone born on or after 1 January 1974 will be eligible for NZ Superannuation from age 67.
In a related media statement, the Minister of Finance, the Hon Steven Joyce, said that progressively lifting the age of entitlement to New Zealand Superannuation from 65 to 67 is the responsible and fair thing to do for New Zealand.
There will be no change to other settings such as indexing NZ Superannuation to the average wage. Universal entitlement without means testing will also remain unchanged,
The age that KiwiSaver funds can be accessed will remain at 65.
The change will be legislated for in 2018, after the election on 23 September 2017.
Included in the legislation will be provision for parliamentary consideration of any need for any temporary transition requirements in 2030.
Mr English said that the proposed changes will bring New Zealand into line with other countries like Australia, the United Kingdom, Denmark, Germany and the United States, which are all moving to a retirement age of 67.
The Government is also proposing to double the residency requirements for NZ Superannuation so that applicants must have lived in New Zealand for 20 years, with five of those after the age of 50. People who are already citizens or residents will remain eligible under the existing rules. The Government intends to introduce legislation to make these changes early in 2018. The residency changes will cover people who arrive in New Zealand after the legislation is passed.
Source: media statements by Rt Hon Bill English and Hon Steven Joyce at www.beehive.govt.nz