1. In 20 years’ time the entitlement age will start to lift from 65 to 67.
2. The Super age will increase by six months every year from July 2037 until it reaches 67 in July 2040.
3. If you were born before June 1972 none of the changes will affect you.
4. If you were born after the 1st of January 1974 you will be eligible for Super from age 67.
5. Someone who retires at 67 in 2040 will on average spend nearly a quarter of their life on NZ Super, slightly more than someone who retires on 65 today.
6. We will not make any changes to the law until next year - after the election.
7. We will keep Super indexed to the average wage.
8. We will keep Super universal and will not introduce means testing.
9. You’ll still be able to access your KiwiSaver at 65.
10. Immigrants will need to have lived here for 20 years (an increase from 10 years) and 5 of those years need to be after age 50. People who are already citizens or residents will remain eligible under the existing rules.
These changes will save Kiwi taxpayers $4 billion annually once they are fully in place in 2041.