8. SHANE JONES (Labour) Link to this
to the Minister of Finance
What recent reports has he received on the KiwiSaver scheme?
Hon Dr MICHAEL CULLEN (Minister of Finance) Link to this
I received recently a report outlining the recommendations of the United Kingdom Pensions Commission that the British Government establish a national pension savings scheme similar to the KiwiSaver model. The similarities have led the British media to dub the model “BritSaver”.
Do any aspects of the United Kingdom Pensions Commission report vary substantively from the approach taken by this Government?
Hon Dr MICHAEL CULLEN Link to this
Yes; there is one particularly important difference. The British commission proposes to increase the age of eligibility for the publicly funded pension from 65 to 67. That is not something this Government is considering, notwithstanding the equivocation on many occasions on this point from the current Leader of the Opposition.