Fragile state of superannuation policies

Greypower state that their members are struggling to survive on NZ Superannuation of about $10,000 pa and that Greypower could be the largest voting block in the country.

The ability of Greypower to influence change to benefit their members in retirement must not be underestimated, said Vance Arkinstall, CEO, Investment Savings & Insurance Association (ISI).

"We should take this call very seriously. As the number of retirees grows, we can expect the call for increased Government assistance from this large voting block.

The only answer is for Government to immediately respond with policies to encourage increased personal savings for future retirees. If New Zealanders do not save, the pressure on future Governments from an increasingly powerful and ageing population will get louder and more compelling.