NZ First stance on superannuation eligibility clear
There is no ambiguity whatsoever on the part of New Zealand First when it comes to superannuation entitlement, says List MP Mark Patterson.
The New Zealand Taxpayers' Union says savers deserve to know what plans politicians have for superannuation in light of a new report from think-tank The New Zealand Initiative which warns that maintaining the age of eligibility at 65 will come at an increasing cost as the population ages.
NZ First policy on NZ Super has always been consistent; that NZ Super remains a universal entitlement at age 65 with no means-testing for all New Zealand residents.
“However, I have a Member’s Bill before Parliament which proposes increasing the residency requirement for full NZ Super from the current 10 years to 20 years of residency after age 20.”
While other parties have toyed with raising the age and means testing, only NZ First has addressed the residency issue. BERL has estimated that changing the residency requirement to 20 years would generate savings of more than $80 million in the first year alone.
“My NZ Superannuation and Retirement Income (Fair Residency) Amendment Bill would contribute to the sustainability of NZ Super and gives a fair go to hard-working Kiwis.”