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Focus for retirement policy review released

4 October 2012


Focus for retirement policy review released

The role of private savings and how Kiwi women will fare when it comes to retirement income are among the terms of reference for the latest Review of Retirement Income Policy released publicly today.

Every three years, the Retirement Commissioner examines retirement income policies and practices to assess their effectiveness and identify future issues. The resulting Review of Retirement Income Policy will be presented to Government in late 2013.

Retirement Commissioner Diana Crossan says the review is an important tool for ensuring the Government is aware of the facts, any emerging trends, and new developments that could affect the long-term future of retirement income policy.

“The decisions we make now about retirement income potentially have consequences for generations to come. We need to regularly review and assess where we are to ensure universal New Zealand Superannuation is available for Kiwis who are currently in their 30s and 40s.

“Our ageing population and the global financial crisis of recent years make these issues more relevant than ever,” she says.

The findings of the review will help provide policy stability and inform policy development. The terms of reference for the review will cover five main topics. They are:

1. An update of, and commentary on, the developments and emerging trends in retirement income provision since the
2010 review, both within New Zealand and internationally.

2. A discussion of the intergenerational impacts of New Zealand’s retirement income policy, with due consideration
given to:
a). the effects of increased longevity on present retirement savings schemes;
b). alternative retirement savings approaches; and
c). the sustainability of New Zealand Superannuation.

3. An assessment of the role of private savings for retirement. This assessment should cover:
a). trends in KiwiSaver, particularly withdrawal patterns of those retiring and the issues that these may raise;
and
b). the role of the financial services sector in helping to ensure the adequacy of retirement income for New
Zealanders.

4. The contributions made by other policies and programmes, such as in housing and health, to maintaining New Zealanders’ retirement income.

5. Women’s future retirement income prospects.

6. The role of financial education and financial literacy in retirement income policy.

An advisory group has been appointed to provide support and direction during the review process. The group
comprises;
• Catherine Savage – Deputy Chair, New Zealand Superannuation Fund
• Sue Chetwin – Chief Executive, Consumer New Zealand
• Tahu Patiki – Former Chief Executive, Te Rananga o Ngai Tahu and helped set up Whai Rawa (Ngai Tahu’s
savings scheme)
• Peter Hughes – Head of School of Government, Victoria University and former Chief Executive, Ministry of
Social Development

2013 Review timeline
August 2012 to April 2013: Research gathering
March to May 2013: Submission process
May to July 2013: Develop report
August 2013: Report released
ENDS

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