Media release

8 March 2017

Financial Services Council welcomes changes to New Zealand Superannuation

The Financial Services Council (FSC) today welcomes the New Zealand Superannuation changes proposed by Prime Minister Bill English. “The package of changes announced on Monday is good policy,” says FSC Chief Executive Officer, Richard Klipin.

“Amongst a number of proposed changes, extending the retirement age from 65 to 67 years of age by 2040 for NZ Super makes sense, as does the requirement for a residency from 10 years to 20 years,” says Mr Klipin.

Demographic changes combined with advances in healthcare and medical technology means that our life expectancy is getting longer and so is retirement. The Government has signalled that it is prepared to address these key issues that go to the heart of health and wellbeing in retirement and has now opened up the debate in the run up to the September election.

“These are tough issues to manage,” says Mr Klipin. “The nature of work, health and retirement are major issues facing governments and policy makers across the globe. Getting policy settings right, increasing financial literacy, and helping people make quality decisions about savings, investments and lifestyle in retirement are key for the New Zealand community.

“We look forward to contributing to this debate in the lead up to the election and beyond,” adds Mr Klipin.

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