The eligibility age for superannuation will rise to 67 years old by 2040, Prime Minister Bill English revealed this afternoon.
In a major political development, English promised to begin progressively lifting the threshold from 65 to 67 years old in 2037.
Prime Minister Bill English is seeking changes to New Zealand's superannuation scheme at this year's general election, with plans to raise the age of eligibility from 65 to 67.
If approved, the changes would be phased in from July 2037 with the age increasing by six months twice a yearuntil July 2040.
According to the government, an estimated 120,000 fewer people would be eligible for NZ Super in 2040 than under current settings.
Superannuation was first introduced in 1940, and the current scheme dates from 1977. The eligibility age was lifted from 60 to 65 between 1992 and 2001.
Australia and the UK both have superannuation ages of 65, with plans to increase this to 67 by 2023 and 2028 respectively. In the US, it is currently 66 and will be raised to 67 in 2027.
If you were born between July 1, 1973 and December 31, 1973 You will be eligible for NZ Super at 66 years and 6 months old
If you were born on or after January 1, 1974 You will be eligible for NZ Super at 67 years old
Immigrants New migrants will need to live in New Zealand for 20 years to qualify for NZ Super - twice as long as current conditions. This includes five years after they turn 50.
