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: Parliament Adjourns

The 50th Parliament has adjourned for the final time.

After the completion of the adjournment debate, MPs left for the campaign trail with Parliament to be dissolved on August 14 ahead of the September 20 election.

Speaker David Carter thanked staff and MPs for their work, and in particular the Clerk of the House Mary Harris saying his job would be near impossible without her wise advice on a daily basis. Harris has signaled she would retire next year and would leave a large gap. More>>

 

Parliament Today:

Novopayout: Government-Owned Company To Take Over School Payroll

After lengthy negotiations, the Ministry of Education and the existing school payroll provider, Talent2, have settled both on the amounts payable by Talent2 towards the costs of remediating the Novopay service and a new operating model for the school payroll system. More>>

ALSO:

Employment: Labour Will Raise Minimum Wage, Restore Work Rights

A Labour government will raise the minimum wage $2 an hour to $16.25 and restore work rights to ensure the benefits of economic growth are shared fairly by all New Zealanders, Labour Leader David Cunliffe says. More>>

ALSO:

Police: Crewe File Review Released

No new evidence has come to light implicating any specific person as being responsible for the murders of Jeannette and Harvey Crewe... The review identifies there is a distinct possibility that Exhibit 350 (the brass .22 cartridge case) may be fabricated evidence, and that if this is the case, that a member of Police would have been responsible. More>>

ALSO:

Werewolf Issue #49: Gordon Campbell Interviews Laila Harre

For 25 years, Labour and National have been in virtual agreement about the basics of economic policy, and differed mainly on how to go about managing its social consequences. More>>

ALSO:

Greens: Plan To Protect Our Maui’s Dolphins

1. Protect Maui’s from being killed in the sanctuary set up to protect them... 2. Extend fishing protections to the entire Maui’s range... 3. Help protect the livelihoods of affected fishers by supporting them to adopt dolphin-safe fishing methods. More>>

ALSO:

Gordon Campbell: On National’s Electorate Deals

For all the talk yesterday from Prime Minister John Key about National being transparent about its electorate deals in Epsom and Ohariu, that transparency is entirely front-loaded. More>>

ALSO:

Greens: Oil Drilling Face-Off With Labour

The key policy points in the Green Party’s plan to protect our beaches from oil spills are to:
1. Prohibit deep sea oil drilling; 2. Implement compulsory shipping lanes for coastal shipping; 3. Build Maritime New Zealand’s oil spill response capability; and 4. Introduce a stronger legal framework so that when accidents do happen, the New Zealand taxpayer does not have to pay for the clean-up. More>>

ALSO:


Nick Smith v Fish & Game:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news