Veteran's Pension charging weekly income example
Below are examples of calculating the weekly income reduction for Veteran's Pension clients, who are less than the qualifying age for New Zealand Superannuation, or who have a grandparented non-qualified partner.
Example 1 - Veteran under 65
Weekly gross income | $350.00 | |
Less income allowed before benefit is affected | $160.00 | |
Equals income to calculate reduction with | $190.00 | |
Reduction is 30 cents per $1.00 of income over $160 but not more than $250 ($90 X 0.3 = $27) | $27.00 | |
And 70 cents per $1.00 of income over $250 ($100 x 0.7 = $70.00) | $70.00 | $97.00 reduction |
Example 2 - Veteran under 65
Weekly gross income | $400.00 | |
Less income allowed before benefit is affected | $160.00 | |
Equals income to calculate reduction with | $240.00 | |
Reduction is 30 cents per $1.00 of income over $160 but not more than $250 ($90 X 0.3 = $27) | $27.00 | |
And 70 cents per $1.00 of income over $250 ($150 x 0.7 = $105.00) | $105.00 | $132.00 deduction |
Example 3 - Veteran with grandparented non-qualified partner included
Weekly gross income | $400.00 | |
Less income allowed before benefit is affected | $160.00 | |
Equals income to calculate reduction with | $240.00 | |
Reduction is 70 cents per $1.00 of income over $160 ($240.00 x 0.7) | $168.00 reduction | |
