Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Calls for KiwiSaver improvements as NZ heads to polls

superannuation/

7 September 2017
| By Mike |
image
image image
expand image

While the Australian superannuation industry continues to push for the faster progression of the superannuation guarantee (SG) to 12 per cent, New Zealanders are contemplating getting their KiwiSaver contributions up from three per cent to four per cent.

Research commissioned by the New Zealand Financial Services Council (NZFSC) and released at its annual conference today has revealed Kiwis wants KiwiSaver beefed up including more options with respect to contributions and access.

According to the NZFSC research, 67 per cent of those surveyed supported increasing both employer and employee contributions from three per cent to four per cent by 2021.

The survey also showed that despite concerns about an increased contribution rate costing employers, a majority of business executives, managers, business proprietors and self-employed people supported a gradual increase to four per cent. 

Commenting on the research, NZFSC chief executive, Richard Klipin said that after ten years of KiwiSaver New Zealanders were maturing in their understanding and appreciation of the scheme.

“Given the universal support this research shows we now need to have a constructive policy debate on contribution levels and how we can increase them in a sustainable manner,” Klipin said.

“With support for strengthening KiwiSaver so high there is a clear challenge for our political leaders two weeks out from the election to show their roadmap for backing what voters want and growing KiwiSaver,” he said. “It is important that these findings are given serious consideration at policy level.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 3 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 3 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND