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Retirement income report welcomed

19 December 2003 Media Statement

Retirement income report welcomed

The government will carefully examine the report of the Periodic Report Group on ways to encourage more New Zealanders to save for their retirement and will respond formally in the new year, Social Development and Employment Minister Steve Maharey said today.

The Group’s report was published this morning. Under the Retirement Income Act 1993, Periodic Reporting Groups are established at 6 yearly intervals to advise on government retirement income policies. The 2003 Periodic Report Group was specifically charged with looking at ways to improve private provision for retirement income.

The 2003 Periodic Report Group comprised Investment Savings and Insurance Association Chief Executive Vance Arkinstall (chair), Public Service Association National Secretary Lynn Middleton, immediate past member of the Association of Superannuation Funds of New Zealand Owen Nash (who resigned in September 2003), Retirement Commissioner Diana Crossan and representatives of the chief executive of the Ministry of Social Development, the Secretary to the Treasury and the Commissioner of Inland Revenue.

Steve Maharey thanked the Periodic Report Group for their work.

“The government wants to encourage greater planning for financial security in retirement. The Periodic Report Group have produced a substantial report on ways to encourage New Zealanders to save during their working lives to ensure they maintain their living standards as they age.

“The government will carefully consider the report and respond in the New Year.

“The government has also decided to reappoint the current Retirement Commissioner, Diana Crossan, for a further term. Ms Crossan took up the role in February 2003, but under the Retirement Income Act her appointment expires with the presentation of the Periodic Review Group's report.

“Over the past year Diana Crossan has been an excellent Retirement Commissioner and we are very pleased she has agreed to carry on in the role,” Steve Maharey said.

ENDS

The 2003 Periodic Report Group report is available on-line at www.treasury.govt.nz/prg

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