However, ING managing director and former chairman of the Investment Savings & Insurance Association, Paul Fyfe, is appalled that superannuation has been overlooked as a key focus.
“The omission speaks volumes about National’s commitment to superannuation and indicates they have no answer to this serious issue. Quite frankly, I think they are missing a golden opportunity at just the time when they need to be making an impact.
“Prior to last year’s election, New Zealanders waited to hear some serious debate on superannuation. Instead, all they got was paintergate, corngate and the worm. This year, the public needs to know what it can expect from National.”
While National has confirmed it is committed to the current super scheme (i.e. 65% of the average wage, paid at age 65 for a married couple), it has been strongly opposed to the concept of the pre-funded New Zealand Superannuation Fund.
“With the establishment of the Fund now well underway, the New Zealand population deserves to hear what National would do differently – for example, are they prepared to advance the compulsory savings issue, which many New Zealanders now favour?” Fyfe asks.
“If National waits too much longer, the Fund will be a done deal and the opportunity to present any feasible alternative will be gone.”
Fyfe also points to the six-yearly review of New Zealand’s retirement income policies by the government-appointed Periodic Reporting Group, which is due later this year. Part of the Group’s role will be to suggest how the adjustment of government policies could enhance the provision of private retirement income.
“Finding a solution to the current low level of savings in New Zealand is critical. By excluding superannuation from its 2003 hit list, National has well and truly missed the boat.”
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