Update on Government response to Retirement Income Policy Review
Published: 16 September 2020
The Government planned responding to the retirement income policy review this year, but is taking further time to consider New Zealand’s retirement settings in light of the impacts of COVID-19.
The Retirement Commissioner’s three-yearly review into New Zealand’s retirement income policy was delivered to the Government late last year. It raised a number of issues about New Zealanders’ wellbeing and financial independence in retirement, particularly for vulnerable people.
The Government will focus now on working alongside the Commissioner over the next 12 months to ensure that the review’s recommendations are considered within the changing economic context. This work is outlined in a letter of response, which focuses on several key areas. Once this work is complete, the Ministry of Business, Innovation and Employment will provide advice to the Government before it responds.
The Retirement Income Policy Review is carried out every three years, and is a statutory requirement under the New Zealand Superannuation and Retirement Income Act 2001. The review is based on terms of reference agreed to by the Government and was informed by background papers, forums, research and public submissions.
The Retirement Commissioner is appointed by the Government, and oversees the Commission for Financial Capability.
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