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

 

Parliament Today:

The Kids: OECD Report Shows Huge Impact Of Poverty On Education

A new report from the OECD has again highlighted the negative effects of poverty, showing that disadvantaged children in New Zealand are more than six times more likely to underachieve in maths than children from wealthier homes. More>>

ALSO:

Pacific: NZ Pledges $500,000 To Help Address Zika

“With the Zika virus now confirmed in a number of Pacific countries, New Zealand is committed to helping limit the impact and spread of the virus in the region,” says Mr McCully. “New Zealand will provide $250,000 as a contribution to the WHO to implement the Pacific Zika Action Plan, and a further $250,000 to enable countries in the region to respond rapidly if required." More>>

ALSO:

Labour: Police Commissioner 'Doesn’t Get Force Needs'

The Police Commissioner has let down the public and his own force by insisting the police have what they need despite it taking a year to solve a burglary and overwhelming number of officers saying they are under-resourced, says Labour’s Police spokesman Stuart Nash. More>>

ALSO:

Gordon Campbell: On The US Pressure To Expand Our Role In Iraq

Foreign news services are being more forthcoming about what the “next 12 months” will entail – essentially, the defence ministers will be under US pressure to increase their “training” role preparatory to an assault on the city of Mosul in northern Iraq. More>>

ALSO:

Parliament Restarts: Prime Minister’s Statement

Our policy agenda and legislative programme will reflect the Government’s four priorities: • to responsibly manage the Government’s finances • to build a more competitive and productive economy • to deliver better public services to New Zealanders, an • to support the rebuilding of Christchurch. More>>

ALSO:

NZEI Survey Report: Special Needs Students Missing Out

The survey revealed that around 16 percent of students were on schools’ special needs registers, but nearly 90 percent of schools’ special needs coordinators did not believe there was adequate support for students and their learning... More>>

ALSO:

Interim Report: Waitangi Tribunal On Ture Whenua Legislation

Labour on Proposed changes to Maori land rules: “To have Treaty Negotiations Minister Chris Finlayson dismiss findings as ‘bizarre’ is totally disingenuous and disrespectful. What’s bizarre is Maori Development Minister Te Ururoa Flavell stubbornly pushing through this Bill before the Waitangi Tribunal has even completed its report..." More>>

ALSO:

Spy Update: Appointment Of GCSB Acting Director

GCSB Chief Legal Advisor Lisa Fong will become the Acting Director of the Government Communications Security Bureau (GCSB) from 15 February 2016, Minister Responsible for the GCSB Christopher Finlayson announced today. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news