Retirement income policy review terms tabled
New Zealand’s retirement commissioner is being asked to look at how retirees managing their money using things such as annuities and reverse mortgages.
Tuesday, February 2nd 2016, 2:14PM
The terms of reference for the three-yearly review of retirement income policy this year have been tabled in Parliament.
They include some new additions from 2013, including how retirees managing their savings through withdrawals, reverse mortgages and the development of annuities, and the effect of low interest rates on their management.
The commissioner, Diane Maxwell, will have to look into the impact current policies are having on current and future retirees.
New Zealand’s first variable annuity product, Lifetime Income, was officially launched last week, guaranteeing life-long income.
The review will also look at KiwiSaver trends and how the policy settings affect investors’ outcomes.
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