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Key Objective:
United Future believes New Zealand Superannuationís future sustainability rests on agreement between political parties, the insurance and savings industry and retired peoplesí groups. A new multiparty accord on ageing involving these groups must be established under the oversight of the Retirement Commissioner. The accord must achieve the following objectives
A workable, achievable and fair superannuation policy for all New Zealanders Easily understood by all New Zealanders. Free from political tinkering A climate of certainty
To achieve these key objectives United Future advocates a three-tier approach to superannuation.
State Provided Retirement Income
United Future supports the pre-funding of a portion of New Zealand Superannuation. Ensure all New Zealanders over the age of 65, with 10 years or more residence in New Zealand receive universal superannuation. Married couples will receive 65% of the average ordinary time wage after tax. Single superannuitants living alone will receive a gradual lift from the present level of 41% of the average ordinary time wage after tax, to nearer 50%, with a consequential adjustment of the married rate to 72.5%. Review income and asset testing levels for long term health and residential care services Statutory protection for the rights of ageing New Zealanders Introduce a community volunteer tax rebate as both a financial incentive and recognition of the contribution of older people in society Introduce an extended reciprocal pension portability programme to support New Zealand citizens overseas and migrants living here. Improve the integration of health and social services for older New Zealanders, to ensure delivery of services is not a convoluted or difficult process.
Work Related Superannuation
Promote debate on issues of compulsion, education and tax incentives Work alongside union and employer groups Back a national publicity campaign to change attitudes to older workers and improve their opportunities to be involved in work, training, educational and cultural opportunities.
Personal Thrift
United Future believes that more must be done to encourage private savings to supplement New Zealand superannuation payments.
Income splitting for families lower tax rates, with the goal of establishing a tax rate which is comparatively flat A home carerís allowance for parents at home caring for children under the age of five. No reinstatement of death duties, or new taxes on wealth and inheritances Promote education programmes on need for financial planning and thrift
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