Our Chair’s letter re Sunday Star Times “Sweet dealing Super for Baby Boomers”

Sunday Star Times Published today, 4 August  heading SUPER IS SUPER

Mark Brighouse “Sweet dealing Super for Baby Boomers” read like an apology for  the Generation X inability to plan or take a positive future approach, in preference to “the want it now” wish list. The answer to the Brighouse dilemma stares him in the face. The New Zealand Superannuation Scheme is a world leader with its simplicity and universality, and anyone advocating its demise, or replacement with a different formula, needs to examine their own financial and social knowledge. At a current 3.7% of GDP, we have one of the lowest cost schemes in the world, and over reasonable time spans, this will continue to be cost effective, and easy to implement. Its universality will avoid the costs and charade of asset and income testing regimes, and the impact of the current model satisfies a multitude of societal requirements and well-being standards.   The only reason New Zealand will not retain current entitlements or in a similar form, consistent with the additional Kiwi Saver income stream, will be silly thinking or poor decision making by future governments. Current media commentators are yet to get the message our New Zealand Super model is the “crème de crème”. With a focus on economic productivity, the aged continuing to work longer and pay tax, and new measures and approaches which always appear over time, our unique  taxable New Zealand  Superannuation is model  is sustainable and equitable

Alec Waugh

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