Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

Time to Agree on Policy to Provide Comfortable Retirement

EMBARGOED TO 9.15AM MONDAY OCTOBER 14 2013

Time to Agree on New Policy to Provide Comfortable Retirement Incomes for New Zealanders

Financial Services Council Chairman, the Rt Hon Dame Jenny Shipley called on all political parties to consider seeking a new cross-party agreement on retirement income policy to enable New Zealanders to plan and save enough for a comfortable retirement.

“This is a safe issue for all political parties, but an essential issue for all New Zealanders,” Dame Jenny said. “Everyone is agreed there is no immediate crisis for current retirees but most are agreed decisive planning for future retirees is required.

“Ageing and retirement income is again the big conversation of our time – and it can’t wait. The longer we procrastinate, the more it will cost, and our options narrow – we don’t want that. New Zealanders continue to make it clear they want certainty so they can make their own plans.”

Dame Jenny told delegates today (October 14) at the landmark, Future of Super Conference, hosted by the Council, that a new retirement income policy was needed to update the 1993 agreement which was based on forecasts that have long since been overtaken on longevity and the number of New Zealanders entering retirement. The numbers and the retirement funding landscape have changed since 1993 with the introduction of KiwiSaver.

Research by the Financial Services Council, whose members manage $80 billion in savings on behalf of 2 million New Zealanders, shows that the majority of people want to save and know they are not saving nearly enough for a comfortable retirement, yet that is what they aspire to.

As a contribution to getting the debate moving and building on the recommendations of the Retirement Commissioner, the FSC has unveiled a package of options at the conference. The options show how all New Zealand employees can have a comfortable retirement, with sufficient savings to enable them to buy a second pension, to have an income double NZ Super by progressively increasing KiwiSaver contribution rates to 7% per annum. (For details of the plan go to: http://fsc.org.nz/SuperSizeRetirementIncome.html)

“The way is clear for cross-party engagement on a range of issues which would assist in providing clear signals as to what is required of New Zealanders as they plan for their future. A renewed cross party consensus for a new retirement income policy accord would provide clear direction and huge confidence to the next generation of retirees as to how they can save more for a comfortable retirement and quality of life,” Dame Jenny said.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On DHB Deficits And Free Trade

Currently the world is looking on aghast at the Trump administration’s plans to slash Obamacare, mainly in order to finance massive tax changes that will deliver most of their gains to the wealthy. Lives will be lost in the trade-off. Millions of Americans stand to lose access to the healthcare they need.

Spot the difference with New Zealand, where DHBs are under intense pressure to reduce deficits within a climate of chronic underfunding. More>>

 
 

Greens' Response: Slum-Like Rentals Exposed In Renting Review

“...The grim findings of the review are a wakeup call about the true state of rentals in this country. Too many renters are festering in slum-like conditions under the thumb of landlords who have largely unchecked powers and ignore tenants’ complaints when it suits them.” More>>

ALSO:

Gordon Campbell: On The Life And Times Of Peter Dunne

The unkind might talk of sinking ships, others could be more reminded of a loaded revolver left on the desk by his Cabinet colleagues as they closed the door behind them, now that the polls in Ohariu had confirmed he was no longer of much use to National. More>>

ALSO:

Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>

ALSO:

Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>

ALSO:

Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>

ALSO:

Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election