Eligibility changes would 'proportionately disadvantage' various groups, commission warns
New Zealand's Retirement Commission is recommending the retention of 65 years old as the age of entitlement to superannuation, warning that changes would likely disadvantage various groups.
The commission made the recommendation in a paper that discussed the country's superannuation policy.
According to the paper, the current age of eligibility for NZ Super is not low relative to other OECD countries, as 70% currently have a pension age of 65 or below.
It also noted that NZ Super is the eighth least expensive pension in the OECD as a proportion of GDP, with the expenditure to be well below the OECD average in 40 years without changes to age of eligibility.
"The simplest position is for the age of eligibility for NZ Super to remain unchanged. Current and projected expenditure does not represent an internationally high proportion of GDP and age 65 is not relatively low compared to our peers," the paper read.
"Any change to the age of eligibility would disproportionately disadvantage manual workers, carers and those they care for, and those with poor health, due to differences in savings, wealth, and ability to remain in paid work after the age of 65. Women, Māori, and Pacific Peoples are overrepresented in those groups."
‘No compelling case’ to raise retirement age
Retirement Commissioner Jane Wrightson also told 1News that there is "no compelling case to raise" the entitlement age for NZ Super at the moment.
The paper and remarks came as the National and ACT pledged to lift the superannuation age from 65 to 67.
According to the Retirement Commission, discussion around changes to the NZ Super needs to consider a "wide range of data to inform decisions."
The commission is set to hold a Super Summit in Wellington on Thursday, gathering experts and politicians to discuss the NZ Super.
