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Time to change inflexible government superannuation rules

6 March 2017

Time to change inflexible government superannuation rules – Dunne

UnitedFuture leader, Hon Peter Dunne, is calling upon the Government to introduce UnitedFuture’s Flexi-Super policy as well as make KiwiSaver compulsory, to ensure the sustainability of the New Zealand Superannuation scheme into the long term.

“Flexi Super lets people choose when they want to take up superannuation - without being told by the government when they should or should not retire.

“At the moment there is no choice but to continue working until the age of 65 to receive New Zealand Superannuation,” said Mr Dunne.

“That is not an option that suits everyone, particularly those who have physically demanding jobs.

“Many simply cannot continue working past the age of 65, so suggestions about raising the age of entitlement makes life harder for these people.

“Should someone in that position want or need to retire at age 60, that can be accommodated under FlexiSuper, though at a reduced rate.

“Should someone be able and chose to work well past the current age, we will give you an increased rate for people who continue to add to the workforce past the age of 65.

“We also believe that any move towards a Flexi-Super policy needs to come hand in hand with compulsory Kiwi saver in order to supplement the incomes of people who do retire.

“The idea behind compulsory superannuation is to recognise how important it is to have a financial safety net that goes above and beyond the Government obligations regarding superannuation.

UnitedFuture successfully lobbied the Government to initiate a consultation on Flexi-Super in 2013 and the recent comments of Prime Minister Bill English show there is an appetite to move on bold and reforming policy regarding the future of New Zealand.

“Our policy would introduce the ability for New Zealanders to have more dignity and choice in how they manage their retirement and I call on the Government to seriously consider making this bold move on superannuation ,” said Mr Dunne.

Ends

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