Retirement Commissioner Diane Maxwell has argued that the retirement age should be raised to 67, and eligibility restricted to those who have lived in New Zealand for 25 years, to avoid a massive increase in superannuation spending. Further, the Government has indicated that it will review New Zealand’s superannuation scheme, though Bill English has ruled out drastic changes. What are your thoughts on the state of superannuation? Do you think the age of eligibility should stay at 65?
— Question asked March 4.
Vic Labour
The state of superannuation and the Super Fund have gotten significantly worse under the present government. As Minister of Finance, Bill English halted government contributions to Super in 2009, despite the fund performing at a world-class level. It would be $18.2 billion better off (Newshub, 25/5/2016) if the government hadn’t ceased its contributions. Fiscal mismanagement by Bill English has exacerbated the issue; we don’t think you should have to work two years longer to cover his ass.
Superannuation, like everything related to government expenditure, should be thoroughly assessed for its long-term financial viability. However, Labour believes that equality should be the key value behind this assessment and that the government has a vital role to play in protection from cradle to grave — so every Kiwi can retire and enter old age with a sense of security, no matter who they are. Labour will keep the retirement age at 65.
Young Nats — Lower North Island
The Young Nats have had a long-standing position in support of raising the age of eligibility for superannuation from 65 to (at least) 67, and for extending the period for which people have resided in, and contributed to, New Zealand to be eligible. We believe the current policy settings are not indefinitely sustainable as part of a balanced and responsible economic agenda.
National kept to a promise, through three election cycles, to hold the eligibility age at 65. Despite our position, the Young Nats acknowledge the promise by former Prime Minister John Key, and support the importance of sticking to this commitment.
Heading into Election 2017, we are pleased that Bill English and the Cabinet have committed to positive change on National’s superannuation policy platform. We were further encouraged to have been a part of the change discussion, because the sustainability of today’s economic decision-making is what our generation of students, young workers, and young professionals will inherit in decades to come.
— Sam Stead
Greens at Vic
No response was received before print deadline.
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