New Zealand lagging on decumulation options
David Harris, managing director of UK-based consulting firm TOR Financial, addressed the University of Auckland Retirement Policy and Research Centre yesterday.
He said New Zealand was out of step internationally and the Government needed to take the lead on developing more retirement income options, such as annuities, to help people decumulate.
He said without options people would look to “synthetic annuities”, such as rental property. He said affluent retirees who wanted to ensure they had reliable income were pushing up house prices with their property investments.
“A major concern for New Zealand is that you can’t access any longevity products like Australians or Brits can, and I don’t understand why. Why is there no political leadership coming from Government? The Government basically gave up.”
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