Prime Minister Christopher Luxon has confirmed his party will campaign on lifting the age of eligibility for superannuation at this year’s election, although he declined to mention specifics.
Luxon confirmed the policy on Kerre Woodham Mornings on Newstalk ZB. National had previously said it would run on some kind of policy to make superannuation more affordable, although it had not yet confirmed that policy.
“We will go to the election with another election policy around superannuation and lifting the retirement age for sure,” Luxon said.
Asked when he would want to implement the policy, Luxon said he would “want to do it as soon as we get back in the second term”.
This quite likely does not mean National will campaign on lifting the super age next year. Luxon’s 2023 superannuation policy was to begin lifting the age in 2037, phasing the age increase over a period of time.
In 1992, when the age last started to increase the average NZer would live until 76 – so 11 years of NZ Super after 65.
Today life expectancy is 82, so 17 years of NZ Super – a 55% increase in years of NZ Super.
We are doomed fiscally if we do not life the age for NZ Super. Chris Hipkins commendably said he was open to possible means testing.
Think if Luxon and Hipkins got together and announced they would both support a gradual increase in the age of eligibility from 2040. They would get huge plaudits for putting the country first.
David Farrar runs Curia Market Research, a specialist opinion polling and research agency, and the popular Kiwiblog where this article was sourced. He previously worked in the Parliament for eight years, serving two National Party Prime Ministers and three Opposition Leaders
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