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Retirement proposal gets a tick

Business NZ has endorsed a proposal for increasing the retirement age limit to 67 years, saying that it was one of the best things that could happen to the national economy.

Retirement Commissioner Diana Crossan released The Review of Retirement Income Policy on December 7 stating that it was the practical way of successfully meeting the fiscal challenges faced by New Zealand (Read our detailed analysis elsewhere in this issue).

Business NZ Chief Executive Phil O’Reilly said the Policy contained “a lot of clear thinking and straight talking”.

He said the Retirement Commission had done well in increasing the pension entitlement age to 67 by 2033.

“This is a sensible proposal and is likely to be accepted by most New Zealanders. Most would understand that the current arrangements are unaffordable and that some adjustment, with a reasonable lead-in time, is required,” he said.

The Commission had expressed its doubts on the viability of the KiwiSaver, which was another point of approval from Business NZ.

“The Commission acknowledges that New Zealanders’ rate of savings, including assets and homes, is not as low as commonly believed.

“Its finding that compulsory saving would alter the composition of saving, but not necessarily the overall amount, is significant,” Mr O’Reilly said.

According to him, Superannuation was too politicised to be discussed sensibly.

“I hope the Commission’s Review will help get the issue debated widely so that we can reach a consensus on the way forward for retirement provision,” he said.

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