Bill to refresh superannuation system passes first reading

Social Development Minister Carmel Sepuloni has welcomed the first reading of the New Zealand Superannuation and Veteran’s Pension Legislation Amendment Bill.

“Every New Zealander has a stake in New Zealand Superannuation and Veteran’s Pension,” says Carmel Sepuloni.

“They are our most common form of social assistance – nearly 800,000 New Zealanders receive one or the other. They play a critical role in older people’s incomes.

“This is a Bill that provides us with the opportunity to refresh our superannuation system, contributing to its sustainability while not compromising the support we provide to those who qualify.

“People receiving a standard rate of superannuation will no longer have their entitlement affected because their partner receives a government-administered overseas pension.

“From 1 July 2020, superannuitants will no longer have the option to include their partner who does not qualify in their rate, although those already including their partner can continue to do so.”

The Bill will now go to the Social Services and Community Committee for consideration.

“I encourage members of the public to have their say on the Bill when the Committee calls for submissions.

“Every New Zealander contributes in some way to providing New Zealand Superannuation and Veteran’s Pension, and almost all of us will receive one someday,” says Carmel Sepuloni.