29 January 2020

Government considers retirement income policy review recommendations

Hon Kris Faafoi

29 January 2020

The Government is now considering the recommendations of the Retirement Commissioner’s review into New Zealand’s retirement income policies.

“The review raises a number of important issues in relation to New Zealanders’ wellbeing and financial independence in retirement, particularly for vulnerable people,” the Minister for Commerce and Consumer Affairs, Kris Faafoi, said.

“It is important to be thinking about how all New Zealanders can best be supported to ensure their wellbeing in retirement,” Kris Faafoi said.

The Commissioner’s three-yearly review provides independent advice to the Government on retirement income policy, including matters relating to New Zealand Superannuation and KiwiSaver.

“Given our interest in improving New Zealanders’ wellbeing, I, and my Government colleagues, will be paying close attention to the recommendations, and I appreciate the work interim Retirement Commissioner, Peter Cordtz, has done with the support of the Commission for Financial Capability,” Mr Faafoi said.

The Commission for Financial Capability is an independent statutory body, overseen by the Retirement Commissioner, which helps New Zealanders develop the skills to manage their financial affairs.

Minister Faafoi said he expected the Government would respond to the review in fuller detail by the middle of the year.