Superannuation in New Zealand: Averting the Crisis

Abstract

To date New Zealand has suffered a number of piecemeal changes to public superannuation schemes, and this book argues for a complete overhaul of the system in the light of the economic environment and the concerns for all people to enjoy a reasonable standard of living. Toni Ashton and Susan St John argue that such a complete overhaul is necessary because of the implications for the whole society of any alterations to retirement incomes. Already there has been a lot of publicity about the tax burden on the younger working population if the stsus quo is maintained, and the issues of economic growth and social equity are paramount. It is hard to escape the conclusion that the issues are not simply how best to provide an integrated policy package for retirement incomes, or whether schemes are funded of unfunded, but how to ensure an adequate redistribution from wealthier New Zealanders to poorer New Zealanders in general, and how to secure adequate growth of output to improve the base for such redistribution in the context of a growing retired population.