Bill Raising Minimum Residency Requirement For NZ Super Passes First Reading
New Zealand First’s Fair Residency for Superannuation Bill passed its First Reading in Parliament today. The Bill makes a significant change to NZ Super by raising the minimum residency requirement from 10 to 20 years, after age 20.
“Currently, a migrant of just 10 years’ residency in New Zealand is entitled to full NZ Super without any requirement to contribute to the economy. This would also apply to an expat Kiwi who left New Zealand at age 25 and returned at age 60 after spending 35 years contributing to another economy,” says New Zealand First MP, Mark Patterson.
“While other parties have advocated raising the age, means testing and surtaxing for NZ Super, only New Zealand First has consistently addressed the residency issue as party policy,” says Mr Patterson.
“By global standards, the current 10 years is a short timeframe for full entitlement to a generous, universal, non-means tested, non-contributory pension at age 65.
“Business and Economic Research Limited (BERL) has estimated that changing the residency requirement to 20 years would generate savings of $4.4 billion over 10 years.
“This proposal contributes to the sustainability of NZ Super, but the over-riding goal is fairness to the majority of hard-working Kiwis who have lived and worked in New Zealand their entire lives,” says Mr Patterson.
Superannuation and Retirement Income (Fair Residency)
- Raises minimum NZ residency for NZ Super from 10 to 20 years
- Retains NZ Super age at 65, a universal entitlement with no means testing and no surtaxing