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If you receive :
the amount is treated as income for WfFTC and student loans.
You only need to include 50% of the amount of annuities or pension that you received in the tax year. It does not include NZ Super (paid by Work and Income) because this is taxable income and automatically included.
Before David retired, he had been paying in to a private superannuation plan run by his employer. Now that he has retired he receives weekly pension payments which total $20,000 each year.
David will have to include 50% of the annual value of these payments ($10,000) as part of his income for WfFTC and student loans.
Patrick has a life insurance endowment policy with an investment value of $200,000. Now that he has retired, he chooses to purchase an annuity (a regular monthly payment to be received for the rest of his life). The total annuity he receives for the year is $16,000.
Patrick will have to include 50% of the annual annuity ($8,000) as part of his income for WfFTC and student loans.