PM eyes superannuation ‘reset’

Prime Minister Bill English has hinted changes to the age of retirement.

Speaking on TV3’s The Nation yesterday, English said he would not continue with former prime minister John Key’s commitment not to change the age of eligibility.

There was room for a ‘‘reset’’ around the superannuation scheme, which could mean a change in the retirement age or the way super was calculated, he said.

However, English has ruled out drastic changes.

Key had promised to for super was changed.

‘‘I haven’t made the same undertaking as John, and so now we need to think through what difference that makes,’’ resign if the at age English said.

‘‘We’re just working through affordability.’’ The current age of eligibility is 65. When asked if he would raise the age of retirement by ‘‘a couple of years’’, English replied: ‘‘Well, look, you’ll just have to wait and see.’’

In December, Retirement Commissioner Diane Maxwell told Parliament the age of eligibility for NZ Super had to rise – to 67, phased in from 2034.

She also called for immigrants to earn their NZ Super over 25 years, not the current 10.

The commissioner made her recommendations to fulfil her three-yearly duty to advise Parliament on retirement income policy.

English said the the longterm superannuation scheme was more affordable than expected, because many more people were working well into retirement age.

In the same interview, English also raised concerns about US President Donald Trump.

‘‘Probably the area where we’ve got the most concern is trade,’’ he said.

‘‘If they do actually put in place significant protectionist measures, that will have an impact on us and on our trading partners.’’

Exports are worth billions New Zealand’s economy.

After Trump, it left New Zealand exporters with an unclear future in American markets.

English also hinted at changes to immigration levels, tax brackets, and the accommodation supplement. of dollars to