Superannuation Policy - New Conservative NZ

Superannuation Policy

New Conservative will change the way that Superannuation is funded. Currently, young generations pay for the retirement of past generations and this is an unfair redistribution of wealth.


KiwiSaver contributions will no longer be taxed as personal income. A one-time levy will instead be added to withdrawals, with the proceeds of the levy going into the Super Fund. The levy would start at 0.25% and increase over 40 years to 10% to avoid penalising those who have already paid tax on contributions. This changes the point at which tax is collected and ensures it is used to fund Superannuation for the generation that pays the tax.

New Conservative will also change the eligibility for the current KiwiSaver yearly top-up to a minimum savings guarantee, so that only those who earn under a set threshold will receive a much needed boost to their savings. This change will reduce inequality and ensure our elderly are better provided for in retirement regardless of the type of job they worked.

Age Eligibility

New Conservative would slowly raise the eligibility age of Superannuation in one year increments per decade, increasing to 66 in 2030 and 70 by 2070. This means that those entering the workforce now will receive it at 70, but those near retirement will not face any changes.

KiwiSaver will be changed to allow partial access from age 60, so that those who work physically demanding jobs can still plan to retire earlier.

Eligibility of Immigrants and Returning New Zealanders

New Conservative will extend the qualifying time for immigrants to receive the pension from the current 10 years to 25 years residence, with a graduated payment system commencing after 10 years starting at 50% of full pension, increasing to 100% after 25 years. Citizens returning home for retirement will qualify for full pension after completing a total of 25 years of living in New Zealand including childhood, with a graduated payment like immigrants for those domiciled for less than 25 years.

For those who have been living here for less than 10 years and are expecting full pension under the current system after 10 years, there will be delayed implementation for five years. Therefore, anyone who has been in New Zealand for more than five years from the date of this change will not be affected by it, but those living here for less than five years will be subject fully to the changes.

New Conservative will remove Sections 187 – 191 Social Security Act 2018 (formerly Section 70, Social Security Act 1964). Those coming or returning to New Zealand for retirement will retain the full amount of any overseas pension payments, plus New Zealand pension payments as and when they qualify as above.

There will be no compensation for those who have been previously affected by sections 70 or 187 – 191 of the Social Security Act, but they will join the graduated system of payment from the time of the law change as per their years of residence.

Equal Payments for All

New Conservative will aim to remove the penalty currently existing on Superannuation payments for married couples.

New Conservative has proposed changes to income tax and levies that will see pensioners with a much lower effective tax rate and therefore higher pension income.


  • No tax on KiwiSaver contributions, with a new levy that is paid on withdrawals.
  • KiwiSaver top-up will only be paid to low-income earners.
  • Slowly raise the age of Super by one year every decade starting in 2030, while allowing access to KiwiSaver at 60.
  • Increase the eligibility period for immigrants to receive Super.
  • Lower taxes will give pensioners a higher standard of living.