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PRG: Recommendations in savings report welcomed

More emphasis on workplace based savings, a beefed-up role for the Retirement Commission and the removal of tax disincentives for savings are welcome recommendations from a new savings report, AMP managing director Ross Kent says.

Friday, December 19th 2003, 9:09AM
"The Periodic Report Group into Retirement Savings (PRG) has made a number of sensible and achievable recommendations, which should be implemented. The establishment of cross-sector work-based savings group is particularly important and echoes the message from this year’s Savings Forum.

"Removing the current tax disincentives around long-term savings is vital. The PRG identifies a number of disparities and resulting distortions in the tax system and these should be addressed as a matter of urgency," Kent says.

"AMP also supports giving the Retirement Commission a greater role in education and research. New Zealanders need to make informed decisions about financial matters and education is a fundamental part of the equation. Research is also a key part, especially research that helps us understand more about what drives savings behaviour."

Kent says AMP agrees with the PRG that there is no room for complacency regarding how well the current system will cope with the needs of future retirees.

"We can all see the dangers looming, but there’s been a tendency to keep arguing about the detail rather than knuckling down and getting on with the solution. Part of the arguing has been a reluctance to acknowledge that some active steps need to be taken now by the Government if we’re not going to be met by a tidal wave in a few years’ time.

"We need a framework around savings policy in New Zealand and the PRG’s recommendation for more regular and ongoing assessment of the current system is a welcome start to achieving that," Kent says.

This is a press release from AMP

« LEAD STORY: Report card on superannuation releasedPRG: No crisis, but no room for complacency, says retirement income gr »

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