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

2040 Target And Lower Standards: “Swimmable” Rivers Five Times More Likely To Make You Sick

Forest & Bird has condemned the government’s new water quality standards, warning New Zealanders that they lock in current levels of water pollution and allow for a 5-fold increase in the chance of getting sick from swimming in a river.

“Despite an explicit assurance from Minister Smith that the new water standards would provide for human and ecosystem health, he has failed to deliver on either of these things,” says Forest & Bird CEO Kevin Hague. More>>

ALSO:

 
 

Immigration: Clampdown On Rogue Employers Good First Step

The Human Trafficking Research Coalition is pleased at the new clampdown on rouge employers who exploit migrants announced by Minister Woodhouse this morning, and believes this is a step in the right direction. More>>

ALSO:

Mayor: 750 New Social And Affordable Homes For Wellington (Over A Decade)

The next stage of Wellington’s Housing Upgrade Programme will see at least 750 new units of social and affordable housing built over the next decade, Mayor Justin Lester has announced. More>>

ALSO:

22/2: Christchurch Quake Memorial Unveiled

A city, a region, a nation and an international community impacted by the Canterbury Earthquakes will come together to mark the sixth anniversary of the deadly quake and dedicate Oi Manawa Canterbury Earthquake National Memorial. More>>

ALSO:


November Quakes:

Gordon Campbell: On The Mana-Maori Party Deal

If the self-interest involved wasn’t so blatant, the electorate deal between the Maori Party and Hone Harawira would be kind of poignant. It’s a bit like seeing the remaining members of Guns’n’Roses or the Eagles back on the road touring the nostalgia circuit… playing all the old hits of Maori unity and kaupapa Maori politics. More>>

ALSO:

Private Provision: First Social Bond To Focus On Mental Health

New Zealand’s first social bond will help around 1700 people with mental illness into work, Finance Minister Steven Joyce and Social Investment Minister Amy Adams say. More>>

ALSO:

Immigration: Short Reprieve For Nine Indian Students

A temporary hold on deportations of nine Indian students is a step in the right direction but the Government urgently needs to implement safeguards to stop further injustices to more international students, the Green Party says. More>>

EARLIER:


Megaupload Case: High Court Rules Dotcom, Co-Accused Eligible For Extradion

Internet entrepreneur Kim Dotcom and his three co-accused are eligible for extradition to the United States, New Zealand's High Court ruled... Justice Murray Gilbert upheld a decision by the District Court that there were grounds for Dotcom, Mathias Ortmann, Bram van der Kolk and Finn Batato to be extradited. More>>

ALSO:

PREVIOUSLY:

Port Hills Fire: Midday Update, Monday 20 February

• 9 homes destroyed
• 2 homes with partial damage. Damage includes things like cracked windows, heat damage.
• 3 properties with damage to other external structures e.g sheds or outbuildings More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news