New Zealand First leader Winston Peters says calls for changes to superannuation are alarmist and risk smashing the broad consensus New Zealand has had on the issue.
Photo: RNZ
The Commission for Financial Literacy and Retirement Income says the age of Super entitlement and the rate at which it is paid need to be reviewed if the scheme is to be sustainable.
The commission also says individuals need to invest more in private savings - up to $400,000 each for a comfortable retirement.
Mr Peters says superannuation is affordable and the commission has fallen for advice from the financial services market which has a lot to gain from people saving privately for their retirement.
"What we're seeing is an attempt to break the broad consensus of the government's responsibility when it comes to the young and to the old in this country.
"But it is not an economically sustainable argument that they're making out."
Winston Peters says an estimate that the cost of superannuation will nearly double to 7.9% of GDP a year by 2060 is still affordable and compares well with other countries.
