Kiwis are living longer, which is great, but with rising life expectancy comes the need to make responsible policy decisions. That’s why our NZ Super Plan will ensure superannuation is affordable and sustainable for future generations by gradually lifting the eligibility age from 65 to 67 in 20 years’ time and increasing the residency requirement from 10 to 20 years.
Here’s what some commentators think about our announcement:
Retirement Commissioner, Diane Maxwell:
I think where the government has landed is fair. It gives people time to prepare for change and removes any anxiety for those who are getting nearer to retirement.
ASB Chief Economist, Nick Tuffley:
The reality is that we are living for longer and we are working for longer as well. Changes like these reflect those shifts. When you are making changes, particularly when it comes to retirement savings where individual savings take place over a long time, you do need to give people a bit of advance warning.
Employers and Manufacturers Association Chief Executive, Kim Campbell:
The discussion around changes to superannuation was "politically toxic" but ignoring it was irresponsible. "It would be foolish for everyone to ignore it.
ANZ Senior Economist, Phil Borkin:
The decision needed to be made. It was logical to phase it in (over 20 years) and not to shock people.
Chief Executive of BusinessNZ, Kirk Hope:
Lifting the pension age is "fiscally prudent" and shouldn't have any big implications for the business community
The Dominion Post:
“All these trends are familiar to most voters. The population knows that the problem is serious, but too many politicians still refuse to face reality. Labour leader Andrew Little is in a hopeless position.”