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Superannuation

Published December 11, 2018 Author: Andrew Felix Rose

A government-funded pension paid to eligible New Zealanders over the age of 65.

To be eligible for superannuation, residents must be over 65 years of age and have lived in New Zealand for at least 10 years since the age of 20 (five of those years must have been since the resident turned 50).

Many New Zealanders choose to take the DIY approach and put their savings into a retirement fund known as KiwiSaver. This means a small portion of an employee’s salary is deducted each pay day and put aside into a KiwiSaver investment account. Employers must also contribute at least 3% of an employee’s gross wage into the same KiwiSaver account.

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