No one supports the National party’s superannuation policy

National’s policy is to lift the age of entitlement for NZ Super from 65 to 67 but not right now. They say they will do it in 20 years’ time assuming that they are still in government then.

This means everyone born on or after 1 January 1974 will be eligible for NZ Super from age 67.

Other settings such as indexing NZ Super to the average wage and universal entitlement without means testing will remain unchanged.

National’s policy also proposes doubling the residency requirements for NZ Super to ensure applicants have lived in New Zealand for 20 years, with five of those after the age of 50.

People who are already citizens or residents will remain eligible under the existing rules.

Labour has promised that the retirement age will stay at 65 if they win the election.

Labour leader Andrew Little gave an assurance he would not touch the age, saying to have those working in physically demanding industries for an extra two years is unfair.

“I am absolutely and utterly committed to 65 as the age of eligibility, and that would be the basis of which, if we get the privilege of doing so, will run the country after September 23 this year,” he told The AM Show’s Duncan Garner on Tuesday.

Despite arguments people are living longer, Mr Little says the body “still wears out at pretty much the same rate”.

“People doing physical work as part of their work now are struggling to get to 65 now, that’s not going to change.”

“The idea they should be required to work an extra two years or however long is just wrong and we won’t be doing it.”

via 3 News

New Zealand First leader Winston Peters has made it clear that his party is committed to keeping the retirement age of 65. In fact, he has made it a bottom-line going into any post-election deal. He does, however, support National’s crackdown on eligibility for immigrants.

“Raising the residency requirements from 10 years to 20 years, which should be 25, that’s a step in the right direction”, Mr Peters told Newshub.

“In the last two years every time we’ve raised it in Parliament, they’ve said that we’re scaremongering. They finally woke up.”

ACT leader David Seymour is not impressed by National’s policy and calls it a “kick the can down the road” move.

…”You’ve got to give people some warning, I accept that, just not twenty years”.

…Mr Seymour says the Government should raise the age of entitlement by two months every year from 2020 through to 2032.

“That would give us a retirement age of 67 by 2032. People who were planning to retire by 2030 would end up retiring in 2032 instead of that.

That’s not an unreasonable adjustment to make, but it would spread the adjustment much more fairly across generations instead of lumping it all on millenials”.

…delaying the change until 2037 is farcical, it means all the costs will be borne by people under 45, and the irony is that the cut-off rate for being affected by this change means the exact same people who were the first to pay for university in 1990 will be the first to face the new retirement age of 67″.

Māori Party co-leader Marama Fox. Photo: RNZ / Craig McCulloch

The Maori party not only do not support National’s policy, they also want to reduce the retirement age to 60 for Maori and Pasifika.

With Māori life expectancy rate lower than that of the general population, the Māori Party wants Māori and Pasifika to be exempt from any increase.

One of its policies is to reduce the superannuation age to 60 for Māori and Pasifika people.

…”The fact of the matter is that Māori and Pasifika don’t make retirement age – a good proportion of them,” Māori party co-leader Marama Fox told Newshub.

“We live on average between five and seven years less than everybody else, and so why would we want to put the retirement age up if we don’t actually make it to retirement age?”

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