Flexi-super is an innovative new approach to the New Zealand superannuation scheme.
Flexi-super aims to provide dignity and certainty for those in retirement. Today, as the pattern of people’s lives are changing dramatically, current arrangements for Superannuation from the age of 65 do not suit everybody’s needs. Flexi-super rethinks the way superannuation is approached in New Zealand.
What is Flexi-Super?
Flexi-super is an innovative policy aimed at recalibrating superannuation in New Zealand.
Flexi-super would give New Zealander’s the choice to take superannuation at reduced rates earlier than age 65, or at an increasingly enhanced rate after the age of 65. The policy looks into enabling early eligibility from age 60 and deferral until the age of 70.
In addition to Flexi-super, United Future would introduce compulsory Kiwisaver in order to increase the saving rate of New Zealanders, providing added financial security and certainty in retirement as well as alleviating dependence on the superannuation system itself.
Why Does United Future Support Flexi-Super?
The current superannuation scheme is not suited to contemporary living patterns. It requires that retirement occurs at age 65 or older. For many hard-working New Zealander’s that ‘one-size fits all’ approach simply doesn’t suit.
Some people are choosing to work longer, thus not being dependent on superannuation at 65. Others may be physically exhausted much earlier and may be keen to retire at the age of 60, yet must wait for financial security for half a decade. Flexi-super aims to bridge these gaps by offering people more choice in how they plan to retire and structure their retirement income.
Flexi-super aims to bridge these gaps by offering people more choice in how they plan to retire and structure their retirement income. It empowers people to choose their own retirement date, rather than have the state impose one.
Through this change, and through introducing compulsory Kiwisaver, United Future believes we can have a compassionate and sustainable superannuation scheme that prioritises individual circumstances over government mandates.
Download Policy: Flexi Super