Grey Power New Zealand Federation Inc. Superannuation and Taxation Policy
Last reviewed 14/09/2014
To maintain a state-funded universal superannuation scheme payable at age 65 years.
Problems the policy addresses
- A concerted campaign by vested interests in the financial sector, seeks to convince all that the current universal pay-as-you-go superannuation scheme, with an age of eligibility of 65, is not sustainable.
- The current level of superannuation is insufficient to maintain a person as an active participant in society in accordance with Positive Ageing Strategy.
- Demonstrate through researched articles the fallacies and assumptions made in the arguments for changing the structure and/or age of eligibility for NZ Superannuation (addresses problem 1).
- To achieve a level of payment for couples of not less than 72.5% of the average after-tax weekly earnings with pro rata increases for single superannuitants (addresses problem 2).
- To establish an independent non-party political authority to review the adequacy of the level of superannuation on a tri-annual basis
- To achieve an eligibility for rate rebates equivalent to the married couple rate of superannuation (these 3 solutions address problem 2).
- Prepare a comprehensive literature review of research on the implications of ‘population ageing’ related to the sustainability of New Zealand Superannuation over the next twenty five years (addresses solution 1).
- Establish a close working relationship with researchers in the field of retirement income including the Commission for Financial Literacy and Retirement Income (CFLRI), Institute for Governance and Policy Studies (IGPS) and Retirement Policy and Research Centre (RPRC) (addresses all solutions).
- Work with Statistics New Zealand to establish a targeted cost of living index applicable to the 65+ age cohort (addresses solution 2).
- Survey the Grey Power membership to determine the adequacy of current New Zealand Superannuation (addresses solution 2).