NZ First Member's Bill would force migrants to wait 20 years before getting super

Mark Patterson.
Mark Patterson. Photo credit: Getty

Migrants could have to wait longer to get superannuation.

A new Member's Bill from New Zealand First's Mark Patterson would raise the minimum residency for super from 10 to 20 years.

It was drawn from the ballot on Thursday.

Mr Patterson told Newshub the changes would make super a fairer system.

"Those that have contributed their taxes after 20 years will still get their superannuation at 65 like before, but now it only takes 10 years," he said.

The Retirement Commissioner in 2016 proposed increasing the threshold to 25 years, as well as raising the retirement age to 67 by 2034.

NZ First says on average, superannuation currently costs $480,000 per person.

"It will give fairness to Kiwis who have paid taxes here, lived here all their lives and it also makes superannuation more affordable," Mr Patterson said.

Newshub.