In the Retirement Commissioner’s 2019 Review the highlighted message was “NZ Super is good value“. Recommendations followed three themes: (a) retain and complement the public pension, New Zealand Superannuation; (b) improve the stewardship of retirement income policies; and, (c) improve KiwiSaver, the main private retirement savings product.
NZ Super works well, but increasing longevity puts Kiwis’ retirement savings at risk.
Superannuation is not just a cost problem. We should recognise that people hold strong views on the social value of retirement income and want stability, not reform.