Retirement Commissioner's reply to Wakeman, by-election
The Retirement Commissioner's role was established under the New Zealand Superannuation and Retirement Income Act 2001. The Retirement Commissioner is appointed by the Minister of Commerce.
The cost of funding NZ Super in my view needs a Financial Transaction Tax of 25 cents per $100 to pay for it. Could you advise me how much this could cost and the amount of tax this @ 25cent per $100's of movement would collect. Reply:
"We can advise that the Retirement Commissioner is aware of the principles of a financial transaction tax (FTT), however, the Commissioner has not been asked to, nor investigated the implementation of a FTT to fund retirement income."
Peter Wakeman views this is the best way to fund NZ Super which is facing questions around the future age increasing beyond 65 years old.