Payment of a Retirement Lump Sum is a one-off payment that is taxed. The amount you get will depend on your individual circumstances.
If you live outside New Zealand, check with your local authorities about tax or income-testing responsibilities.
Asset testing
When applying for this payment, you must list your assets with their estimated values. This is so we give you a fair amount compared to others that qualify for this type of support.
Assets we will assess include:
- cash, savings, investments (this generally excludes KiwiSaver), and investment property
- licence-to-occupy contracts
- caravans, campervans, leisure boats.
Assets we may assess include:
- loans or gifts you made. This depends on the value, time period and purpose
- assets we find you have deprived yourself of.
Assets we won't assess include:
- personal belongings
- household effects
- family taonga
- recognised funeral plans up to NZD$10,000 per person, and
- some lump-sum awards from ACC or us.
