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Discussion paper on flexible superannuation

Hon Bill English
Minister of Finance

26 August, 2013

Discussion paper on flexible superannuation

As set out under the confidence and supply agreement between the National and United Future Parties, the Government has today issued a discussion document looking at the option of flexible superannuation.

The proposal would give New Zealanders greater choice about when they could first take New Zealand Superannuation, Finance Minister Bill English says.

“The Government is committed to maintaining existing settings and eligibility criteria for New Zealand Superannuation,” he says. “That’s important to provide certainty for superannuitants and future retirees.

“However, as agreed in the confidence and supply agreement with United Future, we are issuing this discussion paper to test the public appetite for providing more flexibility around when New Zealanders can opt to first receive New Zealand Superannuation.

“This would give New Zealanders the choice of taking NZ Super at a reduced rate earlier than the age of 65 – for example, from age 60. Alternatively, they could choose to receive Super at a higher rate if they deferred taking superannuation later than 65.

“The discussion document is deliberately set at a high level and more detailed policy work would be required should the proposal be progressed.”

Public submissions on the proposal close on 11 October and Mr English will report to Cabinet on the results of the consultation in November.

The discussion document is available at: http://www.beehive.govt.nz/feature/discussion-paper-flexible-superannuation-0

ENDS

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