Diane Maxwell on making NZ Super sustainable by increasing the age of eligibility, means testing, hiking minimum KiwiSaver contributions & making it harder for migrants to qualify
The Retirement Commissioner warns New Zealand Superannuation isn’t sustainable in its current form, so we need to prepare for change.
Diane Maxwell says it’s inevitable the period of time you need to have lived in New Zealand to receive Super, as well as the age of eligibility, will need to be pushed out.
She says means testing is on the horizon – as difficult as it is to implement.
And the amount individuals and their employers are made to contribute towards schemes like KiwiSaver will need to be hiked.