30 Jan 2024

Don't meddle with NZ Super: Actuaries report

From Nine To Noon, 9:25 am on 30 January 2024
Close-up woman standing and holding money coin with wallet empty of money

Photo: 123RF

NZ Super does not need to be reformed, the Society of Actuaries is arguing after a stocktake of retirement incomes.

 A report, by finance and risk specialist Alison O'Connell and other actuaries, has found that it is much more important to turn attention to Kiwisaver, rather than make changes to NZ Super, for which there have long been calls to raise the entitlement age from 65 to 67. 

Dr O'Connell says NZ Super is relied on by people of all ages. She says it is a basic need, particularly when we know from previous research that people generally underestimate how much they have - or will need -  in their Kiwisaver.