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Superannuation
Since 1898, NZ has provided some kind of payment to older people, but the cost has increased with an ageing population. In 2001, the Super Fund was set up to save for superannuation in the future, but government payments into the fund have been suspended since 2009.
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;" class="bgcolor">National
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Save thisRaise the retirement age to 67 in stages between 2037 and 2040(...)Why
National believes that the cost of superannuation is growing at an unsustainable rate. Average life expectancy in New Zealand has increased by 12 years over the past 60 years. If superannuation becomes too expensive it will make it harder for the government to pay for other services without raising taxes. Raising the superannuation age should save a significant amount of money and ensure the sustainability of superannuation. Giving 20 years notice to any changes to superannuation should also balance the need for reform with fairness to current generations.
HowNational would increase the age of entitlement for superannuation by six months each year from July 2037 until it reaches 67 in July 2040. The changes would not affect anyone born on or before 30 June 1972.
Superannuation would remain universal and no change would be made to the way the rate is calculated. The age that KiwiSaver funds can be accessed would remain at 65. The age of eligibility for the Veteran’s Pension and the SuperGold Card would increase in line with the retirement age.
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Save thisIncrease the residency requirement for superannuation from 10 to 20 years(...)Why
National believes that too many migrants are able to qualify for superannuation without having contributed enough through tax. Increasing the residency requirement from 10 to 20 years should reduce the number of people receiving superannuation who do not deserve it.
HowNational would double the residency requirements for superannuation. Applicants would need to have lived in New Zealand for 20 years, with five of those years being before the age of 50. People who are already citizens or residents would remain eligible under the existing rules.
;" class="bgcolor">Labour
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Save thisKeep the retirement age at 65(...)Why
Labour believes that everyone should be entitled to superannuation at 65. While life expectancy has increased, the effect that work can have on the body has not changed. Many people, and particularly those in physically demanding work, struggle to work to 65. Increasing the age is unfair to the generation that had to pay for tertiary education, and discriminates against Māori and the Pacific community who have shorter life expectancy. Keeping the age at 65 is the fair thing to do.
HowLabour would keep the retirement age at 65.
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Save thisRestart contributions to the Super Fund(...)Why
Labour believes that the National Government has undermined the sustainability of superannuation by ending contributions to the New Zealand Superannuation Fund. Labour says the fund would be $20 billion larger if contributions had continued. Restarting contributions to the fund should create the savings necessary to make superannuation more sustainable.
HowLabour would restart contributions to the New Zealand Superannuation Fund. Labour estimates that if contributions are restarted, the fund will grow to $63 billion by 2022-2023.
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Save thisPay people on superannuation or a benefit for winter energy costs(...)Why
Labour believes that too many New Zealanders live in homes that are too cold. Too many people become unwell and die each winter because their houses are inadequately insulated and heated. Providing an extra payment for winter energy costs to those most at risk should help them keep warm and healthy.
HowLabour would provide an extra payment for winter energy costs to people receiving superannuation or a benefit.
The payment would be $450 a year for a single person and $700 for couples and people with dependent children. It would be made in monthly instalments between May and September. Those receiving the payment could decide how to spend it.
Labour estimates the payments would cost $374 million a year.
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Save thisMake it easier for Pacific retirees to transfer their pensions to another country(...)Why
Labour believes there is a special relationship between New Zealand and Pacific Island countries of the South Pacific. Increasing links between people in these countries strengthen the relationship.
Making it easier for Pacific retirees to transfer their pensions to New Zealand should support the links between the countries.
HowLabour would improve the portability of New Zealand Superannuation payments to Pacific people retiring in the islands.
;" class="bgcolor">Green
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Save thisDivest the Super Fund from unethical investments(...)Why
The Green Party believes that the government should do what it can to combat climate change. It is inappropriate then that the New Zealand Superannuation Fund is investing in companies that profit from polluting the environment and destroying rainforests. Directing the managers of the fund to invest ethically should help New Zealand do its bit to take action on climate change.
HowThe Green Party would direct the managers of the New Zealand Superannuation Fund to only make ethical investments wherever this is possible, and to divest from investments which are not ethical, such as those that contribute to climate change.
;" class="bgcolor">ACT
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Save thisRequire parents of immigrants who join their children in NZ to pay for their own healthcare and superannuation(...)Why
ACT believes that some parents who join their immigrant children in New Zealand get access to healthcare and superannuation without contributing to these services by paying tax. Requiring these immigrants to pay for their own healthcare and superannuation should prevent them taking unfair advantage of New Zealand’s resources.
HowACT would require parents of immigrants who join their children in New Zealand to pay for their own superannuation and healthcare.
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Save thisRaise the retirement age from 65 to 67 by 2032(...)Why
ACT believes that the current superannuation scheme is unsustainable, and young New Zealanders know this. There are currently four working-aged taxpayers supporting every retiree, but by the time current university students retire there will be just two. Raising the retirement age should reduce the cost of superannuation to a more sustainable level.
HowACT would raise the retirement age from 65 to 67. The age would increase at a rate of two months per year starting in 2020 and finishing in 2032.
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Save thisIncrease the residency requirement for superannuation(...)Why
ACT believes that the superannuation scheme is too generous to immigrants. Currently immigrants are entitled to superannuation after ten years of residency in New Zealand.
This is not long enough to make a sufficient tax contribution to New Zealand, and is making superannuation unsustainable. Increasing the residency time requirement should reduce the cost of superannuation.
HowACT would increase the residency time requirement for access to superannuation.
;" class="bgcolor">NZ First
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Save thisKeep the retirement age at 65(...)Why
New Zealand First believes that seniors must be treated with respect and not as a burden on society. It also says that the current superannuation age is not unaffordable. As a per cent of GDP, the cost of superannuation in New Zealand is well below OECD average for pension schemes. Keeping the age of entitlement at 65 should ensure that superannuation is fair and properly looks after people in old age.
HowNew Zealand First would retain a superannuation entitlement age of 65.
New Zealand First also opposes any move towards means testing superannuation or changing the method for calculating the rate of superannuation.
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Save thisRaise the residency requirement for superannuation eligibility from 10 years to 25 years(...)Why
New Zealand First believes that too many immigrants are able to access superannuation without having spent enough of their lives paying tax. Sometimes they immigrate just to take advantage of superannuation. Raising the requirement from 10 to 25 years should ensure only those who have contributed to New Zealand can access superannuation, making the system fairer and more sustainable.
HowNew Zealand First would raise the superannuation residency requirement from 10 to 25 years. This policy would be implemented by the NZ Superannuation and Retirement Income (Fair Residency) Amendment Bill.
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Save thisRestart contributions to the Super Fund(...)Why
New Zealand First believes that there’s a desperate need for a nest egg to ensure the sustainability of superannuation. The New Zealand Superannuation Fund provided such a nest egg but the National Government stopped contributions in 2009 against Treasury’s advice. If National had continued contributing it could have been $50 billion now, instead of $33 billion.
HowNew Zealand First would restore contributions in full to the New Zealand Superannuation Fund and would oppose any tax on the fund.
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Save thisStop deducting overseas pensions and benefits from New Zealand superannuation(...)Why
New Zealand First believes that it is unfair for the government to reduce superannuation because a person receives another pension or benefit from overseas. Under the current law, the government reduces superannuation, pensions and disability allowances on a dollar-for-dollar basis if a person receives a payment from the government of another country for the same purpose. If a person is entitled to both payments, they should be allowed to collect both.
HowNew Zealand First would abolish the deduction of overseas pensions or benefits from superannuation paid in New Zealand.
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Save thisMake Kiwisaver compulsory and establish a state run Kiwisaver provider(...)Why
New Zealand First believes that KiwiSaver isn’t working. Not enough people are enrolled. And private providers are treating New Zealanders as ‘cash cows’ by taking millions a year in fees, much of which is sent overseas. Savings should be invested in domestic infrastructure and development. A state run Kiwisaver provider should provide a clear alternative to foreign credit for the development of New Zealand infrastructure and businesses, and should force existing KiwiSaver providers to raise their game. Making the scheme compulsory should ensure everyone is saving enough towards their retirements.
HowNew Zealand First would make Kiwisaver compulsory and establish a state run Kiwisaver provider called KiwiFund. This fund would be focussed on investing in New Zealand land, assets, enterprises and infrastructure. It would have minimal fees, be government run, government guaranteed and would prioritise maximising returns to savers rather than profits for fund managers. It would be open to all New Zealand citizens and permanent residents.
;" class="bgcolor">Māori Party
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Save thisConsider lowering the retirement age for Māori and Pasifika(...)Why
The Māori Party believes that kaumātua are a taonga across all cultures. They should have access to the services they need to live comfortably and securely in their retirement.
Currently, differences in life expectancy for Māori and Pacific people, and the population of Aotearoa as a whole, mean that the retirement age is unfair.
HowThe Māori Party would consider lowering the retirement age to 63 for Māori and Pacific people until the life expectancy for Māori and Pasifika is the same as for the rest of the population.
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Save thisSupport Pacific retirees to transfer their pensions to New Zealand(...)Why
The Māori Party believes that Māori and Pacific people share common ancestral origins and have shared aspirations for whanau and aiga of the Pacific living in Aotearoa.
But not all superannuation schemes in Pacific countries can be transferred to Aotearoa when a person immigrates. Allowing them to do so should make it easier for Pacific retirees to move to Aotearoa.
HowThe Māori Party would support Pacific retirees to transfer their pensions from their home country to Aotearoa.
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Save thisProvide a hardship pension for some Pasifika migrants(...)Why
The Māori Party believes Māori and Pacific people share common ancestral origins and have shared aspirations for whānau and aiga (family) of the Pacific living in Aotearoa. Currently, migrants over the age of 65 must have lived in New Zealand for a length of time before being able to access superannuation.
Introducing a hardship pension for some Pasifika migrants should stop these rules from causing financial difficulty for Pasifika migrants.
HowThe Māori Party would introduce a hardship pension for some Pasifika migrants. Those over 65 who gain citizenship and qualify would be exempt from the current waiting time for new citizens to access superannuation.
;" class="bgcolor">TOP
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Save thisReplace superannuation with an unconditional basic income for people over the age of 65(...)Why
The Opportunities Party believes that the cost of superannuation is too high. Establishing a universal basic income for everyone is a long-term goal for The Opportunities Party. But in the meantime superannuation could be replaced with a payment at a level similar to a future universal basic income.
This should make the cost of superannuation more sustainable and would be more fair than arbitrarily shifting the retirement age.
HowThe Opportunities Party would replace superannuation with an unconditional basic income called the Elders’ Unconditional Basic Income.
Everyone over the age of 65 would get $10,000 per year. Currently, superannuation is about $20,000 for a single person and $15,000 for a person in a couple.
An additional $7,500 would be available for anyone with an income below $50,000 per year. A person’s income for these purposes would be calculated on the basis of imputed income, such as the benefit of owning property.
The Elder’s Unconditional Basic Income would be indexed to inflation, rather than wages, to keep up with price rises.
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Save thisIncrease the residency requirement for superannuation from 10 to 25 years(...)Why
The Opportunities Party believes that New Zealand’s superannuation scheme should exist to support New Zealanders. At the moment, it is too easy for migrants to qualify for superannuation without having made a sufficient contribution by paying tax.
HowTOP would increase the qualifying period for New Zealand Superannuation from 10 years to 25 years.