The parties super policies

1. Public provision ("New Zealand Superannuation")

Act

Greens

Labour

National

1.1. Today's pensioners

Age

65/66

65

65

65

% NAW married

65% (review)

65%

65%

65%

% NAW single

42% (review)

42%

42%

42%

Linkage

NAW

NAW

NAW

NAW

Income test

N

N

N

N

Asset test

N

N

N

N

NZ Super Fund?

N (wind up)

N (wind up)

Y

N?

1.2. Tomorrow's pensioners (say, 2025 or after)

"Policy to come'"

Age

Increase 67/68

65

65 (Poss incr)

Poss increase

% NAW married

Reducing

65%

65%

65%

% NAW single

No view

42% (60% x 65%)

42%

42%

Linkage

CPI

NAW

NAW

NAW

Income test

Y? revisit

N

N

N

Asset test

Y? revisit

N

N

N

NZ Super Fund?

N (wind up)

N (wind up)

Y

N/Y ?

2. Private provision for retirement

Compulsory?

N

N

N (employer?)

N

Tax incentives?

N (tax cuts)

Y - employer plan

N (review)

N (open mind)

Employer based

Vol

Y (tax incentives)

Y

Vol

3. Review process

Support Ret. Com?

N

Y

Y

Y

Periodic Reports?

If honesty

Y (shorten time)

N

Y

4. Superannuation philosophy

Slogan

Economic growth, Cut taxes, Indiv. responsibility

NZ Super is bread & butter, workplace saving is the jam with the government providing the sweetener

Fairness, security, certainty, "Guarantee" outcomes

Reward behaviour, focus on economic growth, encourage private sector

1. Public provision ("New Zealand Superannuation")

NZ First

Progressive

United

1.1. Today's pensioners

Age

65

65

65

% NAW married

65% up to 72.5%

65% up to 72.5%

65% (min)

% NAW single

Up to 45%

42%

42% (min)

Linkage

NAW

NAW

NAW

Income test

N

N

N

Asset test

N

N

N

NZ Super Fund?

Y but . . .

Y (now)

Y

1.2. Tomorrow's pensioners (say, 2025 or after)

Age

65

65

Consensus

% NAW married

72.5%

72.5%

65% (min)

% NAW single

45%

45.0%

42% (min)

Linkage

NAW

NAW

NAW

Income test

N -"access" test*

N

N

Asset test

N?

N

N

NZ Super Fund?

Indiv a/cs

Y (now)

Y

2. Private provision for retirement

Compulsory?

Y (Indiv a/cs)*

N

N

Tax incentives?

Y

N (open mind)

Y

Employer based

Y (compulsory)

Vol

Vol (portable)

3. Review process

Support Ret. Com?

Y

Y

Y

Periodic Reports?

Y (if useful)

Y/N

Y

4. Superannuation philosophy

Slogan

"yes we can"

Elderly have financial security, certainty and dignity, universal, transparency "consensus"

Certainty, security, encourage private, NZ consensus