WHAT HAS KASPANZ LEARNT SINCE LAUNCH DATE February 2013

WHAT HAS KASPANZ LEARNT SINCE LAUNCH DATE February 2013

1. New Zealand’s population is ageing and longevity is a huge issue

2. New Zealanders over 65 are continuing to work, mostly due to the fact they cannot afford to retire

3. The costs of New Zealand Superannuation over time are exaggerated, and the current model simplicity and universality is a world leader.

4. Work place contributory benefit schemes are vulnerable and need reinforcement by Government and employees. Bring back the workplace schemes

5. Senior year people need help in making better use of the wealth tied up in their homes, to support their living- the reality of living longer.

6. Increasing health costs due to technology and escalating costs, plus elective surgery options needs addressing

7. Taxation of annuities and how this income stream can be incorporated into peoples saving schemes is a significant challenge

8. Section 70 of the Social Securities Act needs reviewing urgently, so fairness and equity can return to the formula applied to some overseas pensions

9. Media commentary on retirement income issues, is often superficial with little historical or trend analysis, a few dominate the headlines. The New Zealand Herald has a strong bias for drastic change in Superannuation issues, and is not receptive to alternative views

Alec Waugh

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