July 16, 2019
Māori views sought on retirement money
Submissions are open for the latest review of retirement income policies, including questions around superannuation and Kiwisaver.
Acting retirement commissioner Peter Cordtz from the Commission for Financial Capability says the review is run every three years.
This time the commissioner is being asked to report on the public's perception of the purpose and principles of Superannuation, whether the country can continue to afford it under its current settings and the impact of retirement policies on current and future generations.
Mr Cordtz says changing age demographics mean a growing number of superannuitants will be supported by a smaller number of taxpayers, a higher percentage of them Māori and Pasifika.
Other issues affect the prospects of Māori as they move towards retirement, such as the rate of home ownership.
"Declining home ownership rates for Māori and Pacific is a critical risk factor for arriving at retirement in good shape, so there are a whole lot of settings apart from retirement income settings required to reduce the risk here," he says.
Submissions are open until October 31, and the Retirement Commissioner's report with recommendations is due to be tabled in Parliament in December.
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