NZ Superannuation Increase Starts 10 November 2025 – Higher Payments and Updated Rates for Pensioners Revealed

The 2025 annual NZ Superannuation adjustment—which came into effect in April—continues to flow through to recipients’ accounts in the November 2025 payment cycle. This marks the first month where pensioners will see the full, clean after-tax baseline rates in their bank deposits after the end of winter top-ups.

In practical terms, it means that from mid-November, all eligible retirees will receive slightly higher fortnightly payments to help with ongoing cost-of-living pressures. The increase follows the government’s inflation and wage indexation rules that ensure NZ Super keeps pace with the broader economy.

Who Is Affected and Why It Matters

The adjustment affects all NZ Super recipients, including:

• Single pensioners living alone or sharing housing
• Couples where both partners qualify
• Couples where only one partner qualifies

Because NZ Super is taxable, the after-tax (net) amount each person receives depends on their tax code. Most pensioners who rely solely on NZ Super use the “M” code. Those with additional income sources—such as part-time jobs or investments—may use “S”, “SH”, “ST”, or “SA”, each with different withholding rates.

For many, this increase arrives at a critical time, with housing, electricity, and grocery costs still rising nationwide.

Updated Fortnightly NZ Super Payment Rates (as of November 2025)

These figures show the gross and after-tax rates depending on the individual’s tax code. Most recipients on the standard “M” code will see the amounts in bold deposited directly into their accounts.

Payment Dates and When You’ll See the Higher Amount

NZ Super is paid every second Tuesday. In November 2025, the two payment dates are Tuesday 4 November and Tuesday 18 November.

The increase takes effect from the fortnight beginning Monday 10 November, meaning most recipients will first notice the higher net amount in the 18 November deposit.

Payments are typically processed overnight, so funds may appear in some accounts the evening before the official date, depending on the bank.

Understanding Tax Codes and After-Tax Differences

NZ Super is taxable income. The amount that lands in your bank account depends on the tax code applied to your payment.

• “M”: Used by pensioners whose only income is NZ Super.
• “S”: For those earning additional income from another source.
• “SH”, “ST”, “SA”: Higher withholding codes for those with higher total earnings or multiple jobs.

If your circumstances change—such as starting a part-time job, taking on investments, or ceasing work—you may need to update your tax code to ensure correct deductions.

Impact on Singles, Couples, and Overseas Pensioners

Singles Living Alone
Receive the highest per-person rate to reflect the higher cost of living independently. From November 2025, those on the “M” tax code receive $1,034.84 every fortnight.

Singles Sharing Accommodation
The new rate for singles sharing accommodation rises to $994.00 on the “M” code. This recognises shared housing expenses but maintains a modest buffer for cost-of-living increases.

Couples (Both Qualify)
Each partner will receive $828.34 after tax on the “M” code, meaning a total household NZ Super income of around $1,656.68 per fortnight.

Couples (One Partner Qualifies)
The qualifying partner receives the same rate as above ($828.34 after tax), while the non-qualifying partner’s income (if any) remains separate.

Overseas Pensions
Pensioners receiving overseas government pensions—such as the UK or Australia—may have part of their NZ Super reduced under the direct-deduction policy. The total payment depends on the country’s pension agreement and amount received abroad.

How Many People Receive NZ Super

As of June 2025, more than 941,000 New Zealanders were receiving NZ Superannuation—nearly one in five residents. That number is projected to rise beyond 950,000 by 2026, driven by the ageing population and longer life expectancy.

The government estimates NZ Super costs over $20 billion annually, making it one of the largest single items in the national budget. This underlines the importance of maintaining sustainability while ensuring pensioners can live with dignity.

Why Your October Payment Looked Different

The Winter Energy Payment (WEP) runs from 1 May to 1 October every year. In early October, the final WEP installment was partial, meaning some recipients saw smaller or irregular deposits.

From November onwards, all pensioners receive only NZ Super without the winter top-up—but at the updated 2025 rate, which is higher than last year’s base amount.

This explains why many recipients will see their true baseline payment—without seasonal extras—for the first time in November 2025.

Budget Context and Long-Term Outlook

The NZ Super increase is automatically adjusted each year based on two key factors:

1. Consumer Price Index (CPI) – Ensures payments rise with inflation.
2. Average Wage Indexing – Keeps the married couple’s NZ Super payment between 66% and 72.5% of the average net wage.

These formulas protect pensioners from falling too far behind working incomes and rising living costs.

However, as the population ages, NZ Super’s cost is growing faster than GDP. The NZ Super Fund, a sovereign wealth fund, continues to invest returns to offset future costs. Despite ongoing fiscal debate, both major political parties remain committed to maintaining the current superannuation framework.

How to Check Your New Payment Rate

If you’re unsure whether your new payment amount is correct, here’s how to verify it:

1. Confirm your tax code – Most people on NZ Super only should be on the “M” code.
2. Check your deposit date – Payments are issued on Tuesdays; the key increase is visible from 18 November 2025.
3. Review your statement – Compare your net amount with the table above.
4. Contact Work and Income (MSD) if there’s any discrepancy.

If you receive an overseas pension, confirm with MSD’s International Services to ensure deductions are accurate.

Frequently Asked Questions

When do I get the higher NZ Super payment?
From the fortnight beginning 10 November 2025, appearing in your bank account on Tuesday 18 November (depending on your bank’s processing time).

Why was my October payment lower?
Because the Winter Energy Payment ended in early October. Your November deposit now reflects the updated 2025 NZ Super rate without the seasonal supplement.

Will there be another increase soon?
The next scheduled NZ Super review occurs in April 2026, unless there’s a special government decision before then.

What if I have other income?
Your tax code determines how much tax is deducted from your NZ Super payment. If you earn additional income, check with Inland Revenue or Work and Income to make sure your code is correct.

Can I receive NZ Super if I live overseas?
You can, but payments may be reduced or adjusted depending on the country you live in and whether it has a social security agreement with New Zealand.

Final Word

For almost a million older New Zealanders, NZ Super remains the cornerstone of retirement income. The November 2025 increase ensures pensioners receive a modest but meaningful boost to help offset inflation and higher living costs.

While the change may appear small, every dollar matters—especially for those living alone or on fixed incomes. Pensioners are encouraged to review their tax codes, confirm their payment dates, and contact Work and Income if they have questions about their new rates.

The higher rates starting 10 November 2025 reaffirm the country’s commitment to supporting seniors through reliable, indexed superannuation—an essential pillar of New Zealand’s social welfare system.

Key Takeaways at a Glance

• Higher after-tax NZ Super amounts take effect from the fortnight beginning 10 November 2025, with updated deposits showing up in mid-November payments.
• Standard after-tax fortnightly payments (on the “M” tax code) rise to approximately $1,034.84 for singles living alone, $994.00 for singles sharing, and $828.34 each for partnered pensioners.
• Official November payment dates are Tuesday 4 November and Tuesday 18 November, and most pensioners will see their higher rate reflected from the 18 November deposit.
• Around 940,000 New Zealanders now receive NZ Superannuation, highlighting the importance of these increases.
• The Winter Energy Payment ended in early October, so November marks the return to standard NZ Super payments—now at higher 2025 rates.