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Focusing on the future for retirement income

Media release

9 October 2013

Focusing on the future for retirement income

A package of policy recommendations designed to make New Zealand’s system of retirement income socially, economically and politically sustainable for decades to come, has been released today by the Commission for Financial Literacy and Retirement Income.

Retirement Commissioner Diane Maxwell says the 2013 Review of Retirement Income Policies reflects the impact that an ageing population will have on our current retirement income system.

“We’re entering a period of unprecedented demographic change, with around one in four New Zealanders aged 65 and over by mid-century. The shape of our population will have changed and some social norms along with it. It’s a positive change, but it will require some planning.

“This Review looks at the issue from different perspectives including the sustainability of New Zealand Super, and the role of KiwiSaver and other private savings in providing us with an adequate retirement income,” she says.

Ms Maxwell says the 2013 Review also considers the impact of other policy areas on retirement income.

“There are a range of policy areas that will affect the wellbeing of older New Zealanders in the future including the availability of age-friendly housing, and the growth of age-friendly workplaces that allow us to continue working. These are all issues we need to be thinking about now,” she says.

Ms Maxwell says it is inevitable that ‘private provision’, meaning private savings and assets, will play a larger role in the retirement income of New Zealanders in the future. To stimulate discussion around the issues, the Commission has today launched an awareness campaign alongside the Review called ‘What’s your story?’ The campaign features ordinary New Zealanders, young and old, talking about their financial plans and retirement.

The Review of Retirement Income Policies is being released as a discussion document today, and contains a package of 16 recommendations. After considering feedback, the Retirement Commissioner will make her final recommendations to the Government by the end of the year.

To download a full copy of the review, visit www.cflri.org.nz/retirement-income/policy-reviews.

Summary:
RRIP_Summary_9Oct2013.pdf

ENDS

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