Election 2017 - Party Policies - Welfare - Superannuation
27th May 17, 9:05am
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Superannuation
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- Raise the retirement age. Starting in 2020 we will raise the age of entitlement to Super from 65 to 67, at a rate of two months per year, finishing in 2032.
- Trim back overly generous entitlements such as pensions after only ten years’ residency.
- Read more here.
- Maintain universal New Zealand Superannuation for all New Zealanders 65 years and older, adjusted annually in accordance with movement in the Consumer Price Index.
- The rate for a couple cannot fall below 65% of the average ordinary time weekly earnings or exceed 72.5 % of the average ordinary time weekly earnings.
- The rate for a single person living alone is 65% of the rate for a couple, and the rate for a single person not living alone is 60% of that for a couple.
- Identify ways to allow flexibility in the age a person may receive New Zealand Superannuation.
- Oppose compulsory retirement savings.
- Read more here.
- Maintain the Superannuation age at 65, maintain Superannuation with inflation adjustments as at present, and restart contributions to the Super Fund.
- Review the legislation around superannuation portability.
- Read more here and here.
- Amend existing retirement policy to enable all eligible retirees to take their superannuation at the full rate, earlier than the current eligibility age of 65 years.
- Review and reset the eligibility criteria for accessing superannuation for Māori and Pacific and consider lowering the age to 63 until life expectancy outcomes for Māori and Pacific are the same as for non-Māori and non-Pacific.
- Read more here.
- 750,000 superannuitants will receive a further increase on 1 April on top of their normal annual increase, with the couple rate going up by a further $680.
- 15,000 superannuitants with high housing costs will benefit by an average of $1508 a year from 1 April 2018 from the changes to the Accommodation Supplement from the Family Incomes Package.
- Increase the age of entitlement for New Zealand Superannuation from 65 to 67, starting in 2037.
- Committed to resuming NZ Superannuation Fund contributions, so that everyone has certainty about saving for their retirement.
- Tighten residency requirements, so that migrants moving to New Zealand from 2018 have to live here for 20 years before being eligible for Super.
- Read more here and here.
- Maintain New Zealand Superannuation entitlement at 65 years, as a universal, non-contributory, publicly funded pension scheme with no means-testing.
- Raise the minimum residency requirement for full New Zealand Superannuation from 10 to 25 years after age 20.
- Superannuation applicants retain their overseas pensions without any deduction from their New Zealand Superannuation, or from their spouse’s, New Zealand Superannuation.
- End the labyrinth of bureaucratic complexities and unfairness caused by existing reciprocal pension agreements with other countries; overseas pensions are no business of the New Zealand Government.
- Restart taxpayer contributions to the NZ Superannuation Fund and end its taxation.
- Read more here and here.
- FlexiSuper is an innovative policy aimed at recalibrating superannuation in New Zealand.
- FlexiSuper gives people the option of choosing to receive their superannuation at reduced rates from age 60-64, or at higher rate if they delay it until ages 66-70
- Introduce compulsory Kiwisaver.
- Change how superannuation is calculated, by basing it upon forecast changes to the consumer price index and forecast increases in the average wage for the following 12 months. Any unforeseen changes to inflation or wages will be adjusted each April, always in favour of superannuants.
- Ensure that overseas pensions that are based on either a compulsory individual contribution or are a form of national insurance scheme (or a combination of both), should be exempted from the requirements of Section 70 and therefore should be paid in full to the recipient without impacting on the entitlement to New Zealand Superannuation.
- Read more here.
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