New Zealand Superannuation and Retirement Income Act 2001

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16 Annual adjustment of New Zealand superannuation: relationship to net average wage

(1)

The annual adjustment of New Zealand superannuation under section 15 must ensure that—

(a)

the standard weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a couple who are married or in a civil union or in a de facto relationship, both of whom are qualified to receive New Zealand superannuation, is not less than 65% or more than 72.5% of the average ordinary time weekly earnings (males and females combined) as determined by the last Quarterly Employment Survey of wages published by the Department of Statistics before 1 March in each year (after the deduction of standard tax and the earner levies payable on those earnings):

(b)

the standard weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a single person who is living alone is 65% of the weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a couple who are married or in a civil union, both of whom are qualified to receive New Zealand superannuation:

(c)

the standard weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a single person who is not living alone is 60% of the weekly amount of New Zealand superannuation (after the deduction of standard tax) payable to a couple who are married or in a civil union, both of whom are qualified to receive New Zealand superannuation.

(2)

In this section, earner levies means the levies payable under section 219(1) of the Injury Prevention, Rehabilitation, and Compensation Act 2001.

Compare: 1990 No 26 s 13A(3)(a)–(c)

Section 16(1)(a): amended, on 1 April 2007, by section 4 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 16(1)(a): amended, on 11 May 2005, by section 63(3) of the Injury Prevention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 (2005 No 45).

Section 16(1)(a): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 16(1)(b): amended, on 2 September 2013, by section 7(1) of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Section 16(1)(b): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 16(1)(c): amended, on 2 September 2013, by section 7(2) of the Social Assistance (Living Alone Payments) Amendment Act 2013 (2013 No 11).

Section 16(1)(c): amended, on 26 April 2005, by section 3 of the New Zealand Superannuation Amendment Act 2005 (2005 No 17).

Section 16(2): added, on 11 May 2005, by section 63(4) of the Injury Prevention, Rehabilitation, and Compensation Amendment Act (No 2) 2005 (2005 No 45).

Section 16(2): amended, on 3 March 2010, by section 49 of the Accident Compensation Amendment Act 2010 (2010 No 1).