Under the New Zealand Superannuation and Retirement Income Act 2001, the Retirement Commissioner is required to review retirement income policies every three years. According to the terms of reference this report must address these retirement income policies and discuss these topics:

  1. An update and commentary on the developments and emerging trends in retirement income policy since the 2013 review, both within New Zealand and internationally.
  2. The impact of current retirement income policies on current and future generations, with due consideration given to the fiscal sustainability of current New Zealand Superannuation settings.
  3. Trends and developments in KiwiSaver and private savings schemes for retirement, including:
    • The impact of policy settings (such as employer contributions, default contribution rates, early withdrawal and the inability to belong to more than one scheme) on KiwiSaver participation and contributions; and
    • Any gaps in KiwiSaver participation information and how data reporting could be improved.
  4. With respect to all private savings (including KiwiSaver): Decumulation and how retirees manage their assets along with risk and return during their retired lifetime including:
    • Withdrawal patterns;
    • The development and use of annuity and equity release products; and
    • The impact of a low interest rate environment on retiree asset management.
  5. New Zealand’s aging workforce and the challenges of the changes to the norms of retirement.
  6. An assessment of financially vulnerable groups in retirement and the effectiveness of current retirement income policies for them.

In addition to this report this year the Commission has created an interactive video series “Toys Talk Retirement” using stop motion animation, superheroes, abs, a love triangle, and more innuendo than a Benny Hill Xmas special. Research findings, blogs and public feedback to the recommendations themselves are all available using a digital interactive platform that allows you to choose how you experience the review.

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