Policy position papers
In this series we explore eight objectives of retirement income policy and set out our views.
The 2013 review of retirement income policies considered the balance between eight separate objectives which overlap and sometimes even compete with each other. These position papers are intended to promote debate and understanding so a consensus can develop on what constitutes sustainable policy.
- Income support: alleviate old age poverty and hardship
(Download PDF 345.75 KB, Jan 2013)
- Wellbeing in retirement: promote positive and active ageing
(Download PDF 323.85 KB, Jan 2013)
- Encouraging personal responsibility, individual choice and control: voluntary saving for retirement (Download PDF 315.68 KB, Jan 2013)
- Longevity risk pooling: share protection against the risk of outliving savings, i.e. longevity risk (Download PDF 330.29 KB, Sep 2013)
- The citizenship dividend: build and maintain social cohesion and national identity (Download PDF 312.66 KB, Sep 2013)
- Lifetime consumption smoothing: maintain accustomed living standards
(Download PDF 322.11 KB, Sep 2013)
- Intergenerational equity (cohort self-funding): ensure equity or fairness between generations (Download PDF 329.86 KB, Sep 2013)
- Fiscal restraint and investment: promote economic growth and efficiency
(Download PDF 488.49 KB, Jan 2013)
New Zealand has chosen a unique mix of these objectives for its retirement income framework. This mix may change over time, although overall policy needs to remain sustainable without frequent or unexpected changes. Future costs will have to be manageable and it is important to have a broad public consensus about policy directions.
Here are key ideas to ensure the sustainability of New Zealand’s retirement income policies. (Download PDF 345.58 KB, Jan 2013)
You can find more information in the references given at the end of each position paper or New Zealand Treasury’s Long Term Fiscal process.