Financial Services Council Welcomes Retirement Policy Review Terms of Reference

Thursday 4 Oct 12 5:02pm
The Chief Executive of the Financial Services Council, Mr Peter Neilson, welcomed the Retirement Commission’s terms of reference for the Retirement Income Policy Review that will result in a report to Parliament next August.

The terms of reference for the policy review cover key issues relating to the need for comfortable and sustainable incomes for future generations and the potential for NZ Super to be supplemented by investment income from increased KiwiSaver contributions.

Mr Neilson said the policy review would look at trends in other countries, including Australia where today’s young workers earning the average wage will have a pension at retirement two and a half times better than a New Zealander on a similar income.

“Significant benefits could flow from a larger domestic savings pool.” Mr Neilson said. “The Financial Services Council will be providing input to the submission process building on its report released earlier entitled “Pensions for the Twenty First Century: Retirement Income Security for Younger New Zealanders” and I would urge other New Zealand organisations and individuals to think about the issues and also contribute.

“It is becoming increasingly important for New Zealand to establish a cross-party accord on retirement policy to ensure we have a sustainable policy that is fair between the generations, for women and for the low paid.  The review will assist this process.”

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The Financial Services Council (FSC) represents investment and life insurance companies in New Zealand.

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