This Government is serious about finding a medium term way of making superannuation sustainable and affordable for not just this generation but for our children and grandchildren.
There are two main initiatives involved in the Government's move to help secure the accountability and sustainability of the present scheme
- is a proactive move to find a sustainable solution to deliver superannuation to New Zealanders in the new millennium. It will offer an alternative to the failed Superannuation Accord.
- the Taskforce is a grouping of community leaders and political parties charged with looking at the long-term sustainable solution to the superannuation issue.
- Superannuation 2000 Taskforce will start in November this year and report to the Government in November 2000
What does that mean?
Superannuation is also linked within a range to the average wage. This will continue, and a fair linkage will be maintained. However, the bottom of that range cannot be kept at an unsustainable level. That is why the floor is being lowered.
However, that floor will NOT kick in immediately. It will take several years (probably up to six) before superannuation will actually reach that floor.
General Points:
As a country we still have to face up to the cost pressures on New Zealand Superannuation that a maturing population will create, including associated health and welfare costs, and how we manage them.
We still have to look at the options for managing retirement costs in a way that is fair and affordable for New Zealand and addresses the financial pressures associated with an ageing population.
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