Election 2014 - Party Policies - Superannuation

Election 2014 - Party Policies - Superannuation

Superannuation

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  • ACT believes retirement is a predictable expense for which most New Zealanders can save independently.
  • We support lifting the retirement age from 65 to 67 and indexing increases National Super to inflation (CPI) rather than wages. (more here)

  • The Green Party will maintain universal New Zealand Superannuation for all New Zealanders 65 years and older, adjusted annually in accordance with movement in the Consumer Price Index, and within the constraints that:
  1. The rate for a couple cannot fall below 65% of the average ordinary time weekly earnings (after the deduction of standard tax and the earner premium payable on those earnings) as determined by the Department of Statistics.
  2. The rate for a couple cannot exceed 72.5 % of the average ordinary time weekly earnings (after the deduction of standard tax and the earner premium payable on those earnings) as determined by the Department of Statistics.
  3. The rate for a single person living alone is 65% of the rate for a couple.
  4. The rate for a single person not living alone is 60% of that for a couple. (more here)

  • Not available on their website yet.

  • Maintain national superannuation as a universal payment for everyone aged 65 and over. (more here)

  • Lowering the age of entitlement to New Zealand superannuation to 60 years for groups whose life expectancy is lower than average. A lower entitlement age will allow more equitable uptake of New Zealand superannuation for all citizens. All those who reach a certain asset threshold will be mean-tested. (more here)

  • Maintain the link between Superannuation and 66 percent of the average wage, which means Super increase faster than inflation over time.
  • National will keep the eligible age for Superannuation at 65.
  • We are committed to resuming payments to the NZ Superannuation Fund when government debt falls below 20% of GDP. (more here)

  • Maintain NZS with eligibility at 65 years, and as a universal non-contributory publicly funded pension scheme with no means-testing.
  • Introduce Pro Rata Entitlement (PRE) to New Zealand Superannuation based on residency in New Zealand between the ages of 20 and 65 (45 years).
  • Ensure that all applicants for NZS with overseas pensions will retain their overseas pensions without any deduction from their NZS or from their spouse’s NZS.
  • Not interfere with or inquire into in the overseas pensions held by applicants for NZS. (more here)

  • Introduce FlexiSuper, which gives people the option of choosing to receive New Zealand Superannuation at reduced rates from age 60-64 or at increasingly enhanced rates if they hold off until ages 66-70.
  • Introduce compulsory Kiwisaver, which will increase the saving rate of New Zealanders, deepen the investment pool and provide financial security and certainty in retirement.
  • Change the formulation of NZ Super, by calculating it based upon the anticipated forecasted changes to the consumer price index and increases in the average wage for the following 12 months. The current formulation creates a lag that cheats our over 65s of their full entitlement. Any unforeseen changes to inflation or wages will be adjusted at each April, in favour of superannuitants.
  • Overseas pensions that are based on either a compulsory individual contribution, or are in the form of a national insurance scheme, or which may be a combination of both and are deemed to be equivalent to a national pension, should be exempted from the requirements of Section 70 and therefore should be paid in full to the recipient without impacting on the entitlement to New Zealand Superannuation. (more here)

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