Commissioner: Pension age shouldn't increase

The commission has recommended, in its past two three-yearly reviews, that the age of eligibility be increased from 65.

But now it says that financial constraints on future retirees mean that would be unwise.

The commission had to consider wellbeing and equity issues as well as fiscal sustainability, he said.

“Our research found that there will be more people in need of state support as they enter retirement in coming years, not fewer, due to declining home ownership, rising levels of debt and the changing nature of work inhibiting people’s ability to save,” acting Retirement Commissioner Peter Cordtz said.