TODAY |

How does NZ’s Super Scheme compare to the world?

Superannuation is given to all New Zealanders at the age of 65 as a universal entitlement, but those factors make it somewhat unusual compared to the rest of the world.

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Contributions in some countries are compulsory, while the age varies. Source: Q+A

In Russia and China, women start getting pension payments earlier than men, and in China the exact age depends on occupation.

KiwiSaver is part of the overall retirement savings mix in New Zealand, and contributions are voluntary.

However in other countries, including Australia, retirement fund contributions are compulsory.

A senior woman sitting with her hands clasped in a retirement home. Source: istock.com

And, as for the age of eligibility, some workers in Turkey start getting the pension as early as 48, while in Estonia and Denmark the age is above 70.