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 The
America’s Cup

The fact New Zealand now reigns supreme once again in the most sophisticated contest in the world’s most elite sport – yacht racing – can’t help but reflect the trajectory the country has been on since the 1980s...

Elite sport used to feel more like a collective, shared experience. It was our team, composed of people who lived and worked like us. Now, not so much. More>>

 

PM's Press Conference: Red Socks And Secret Tapes

Prime Minister Bill English began his post-cabinet press conference by explaining how well the National Party's annual conference went. He also mentioned today's announcement of changes to the EQC disaster insurance legislation and wished Emirates Team New Zealand well in the America's Cup. More>>

Max Rashbrooke: On How To Make Government More Open

International surveys, while often complimentary, have also pinpointed major weaknesses: political donations are badly regulated, for instance, and appointments to government boards frequently go to those with strong political connections. More>>

In Court: Hamilton Student's Lawsuit Over Climate Change Policy

A law student from Hamilton is preparing to challenge the Government in the High Court on Monday over what she says is a “failure” to properly address climate change. More>>

ALSO:

Gordon Campbell: On The Fallout From The Barclay Tape

This is hardly a case of cleaning out your desk and being turfed out onto the pavement. As others have pointed out, the disgraced Clutha-Southland MP will remain on the public payroll for three months until the election, and for three months afterwards. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog