Pensions in some countries, particularly in the UK, Australia and South Africa, may be transferable to New Zealand. Navigating the New Zealand tax rules and the rules of overseas pension providers is complex. Start by checking Inland Revenue’s website.
The personal finance website interest.co.nz has an article with more background.
While NZ Super will provide enough for a basic standard of living in retirement, many Kiwis are also into DIY (Do It Yourself) retirement saving.
To encourage that, the government offers workers in New Zealand ‘Kiwisaver’.
KiwiSaver is a voluntary work-based savings scheme. If you ‘opt in’, then a small amount of your salary is deducted every payday and put aside in a KiwiSaver investment scheme. Your employer has to contribute an amount equal to at least 3% of your gross wage.
KiwiSaver is for citizens or residents who are living or normally living in New Zealand. If you are working in New Zealand on a temporary work visa, you should tell your employer you want to ‘opt out’ of Kiwisaver.
KiwiSaver is also available for self employed people, although of course there are no employer contributions.
The money that builds up is invested for you by approved ‘Kiwisaver providers’ until you are eligible for NZ Super at age 65.
You can access the money earlier in certain circumstances - for example, if you become seriously ill or have financial hardship, or if you are buying your first home.
The government website sorted.org.nz has information about KiwiSaver. It includes a KiwiSaver savings calculator, information on choosing a fund to invest your savings with, and information on where to get more help.