1 00:00:00,040 --> 00:00:02,920 Speaker 1: Part of yesterday stated the nation g up for the 2 00:00:03,000 --> 00:00:05,560 Speaker 1: next was a revisit once again to the thorny old 3 00:00:05,559 --> 00:00:08,160 Speaker 1: issue of the retirement age now. Chrysto Blacksen called for 4 00:00:08,240 --> 00:00:11,479 Speaker 1: greater ambition around savings, including high key we say a 5 00:00:11,520 --> 00:00:14,800 Speaker 1: contributions of course that would be offset well. What he 6 00:00:14,840 --> 00:00:17,800 Speaker 1: suggested was the inevitable, the inevitable. This is the ketah Waller. 7 00:00:17,880 --> 00:00:19,919 Speaker 1: This is the inevitable lift in the retirement age now. 8 00:00:20,040 --> 00:00:22,800 Speaker 1: Jane Wrtson is the Retirement Commissioner, of course, and is 9 00:00:22,840 --> 00:00:23,119 Speaker 1: with us. 10 00:00:23,200 --> 00:00:25,360 Speaker 2: Jane, good morning, good morning mart. 11 00:00:25,520 --> 00:00:27,000 Speaker 1: You're pro up in the age, aren't you. 12 00:00:29,120 --> 00:00:34,120 Speaker 2: I am pro having a really careful look at the system. Yes, 13 00:00:34,640 --> 00:00:37,640 Speaker 2: but it's not just it's not just a single issue 14 00:00:37,680 --> 00:00:40,800 Speaker 2: like putting up the age. It's quite complicated. What it 15 00:00:40,840 --> 00:00:44,360 Speaker 2: needs is a long term set of thinking around it. 16 00:00:44,360 --> 00:00:46,519 Speaker 2: It's not just a fiscal issue. It's an issue for 17 00:00:46,560 --> 00:00:49,360 Speaker 2: the people of New Zealand. What's good about this is 18 00:00:49,360 --> 00:00:51,600 Speaker 2: that it seems to be on the political agenda this year, 19 00:00:51,680 --> 00:00:55,120 Speaker 2: so I'm hoping that all parties will set out a 20 00:00:55,200 --> 00:00:59,080 Speaker 2: kind of view about what they think might be a 21 00:00:59,120 --> 00:01:02,400 Speaker 2: good way to forward, and then what we really need 22 00:01:02,520 --> 00:01:05,280 Speaker 2: is a good cross party conversation somehow to say, what 23 00:01:05,400 --> 00:01:07,640 Speaker 2: is the next ten years? Got quite? What are these 24 00:01:08,319 --> 00:01:12,000 Speaker 2: competing tensions? Got quite? If we do the age, who benefits? 25 00:01:12,040 --> 00:01:15,319 Speaker 2: Who's hurt? If we don't do the age, what are 26 00:01:15,319 --> 00:01:19,560 Speaker 2: the physical implication? Who benefit who hurts? You know, it's 27 00:01:19,600 --> 00:01:22,319 Speaker 2: not impossible this, but it's not just a single problem, 28 00:01:22,400 --> 00:01:24,880 Speaker 2: and it's a system that involves both ends and super 29 00:01:25,160 --> 00:01:26,399 Speaker 2: and can we favor together? 30 00:01:26,680 --> 00:01:29,160 Speaker 1: And no, it is not impossible, But can I suggest 31 00:01:29,600 --> 00:01:33,640 Speaker 1: that it's unlikely that any strong Yeah, see, we're going 32 00:01:33,680 --> 00:01:34,280 Speaker 1: nowhere with us? 33 00:01:34,319 --> 00:01:34,520 Speaker 2: Are we? 34 00:01:34,640 --> 00:01:35,040 Speaker 1: Jane? 35 00:01:35,840 --> 00:01:38,440 Speaker 2: Well? Going nowhere with it simply means we talk about 36 00:01:38,440 --> 00:01:41,240 Speaker 2: it or that and change may or may not be inevitable. 37 00:01:41,319 --> 00:01:43,400 Speaker 2: But I think we need a kind of clear ten 38 00:01:43,480 --> 00:01:46,440 Speaker 2: year direction. Right, So if we say we're not going 39 00:01:46,480 --> 00:01:48,240 Speaker 2: to change the system for ten years, but in ten 40 00:01:48,320 --> 00:01:50,040 Speaker 2: years we're going to do this, or we're going to 41 00:01:50,120 --> 00:01:53,000 Speaker 2: change the system in five years and meantime, these are 42 00:01:53,040 --> 00:01:55,880 Speaker 2: the other setting changes we need to look at or 43 00:01:56,040 --> 00:01:59,120 Speaker 2: or but otherwise this football will just continue to be 44 00:01:59,200 --> 00:02:05,600 Speaker 2: kicked around. Yes, I don't necessarily think major changes is 45 00:02:05,640 --> 00:02:09,200 Speaker 2: desperately needed, but you know, if it is, then net's 46 00:02:09,240 --> 00:02:10,880 Speaker 2: do it in a really considered way, and it's do 47 00:02:10,960 --> 00:02:13,120 Speaker 2: it in a way that focuses on what the future 48 00:02:13,280 --> 00:02:16,000 Speaker 2: retirees of New Zealanders need, of New Zealand needs. 49 00:02:16,080 --> 00:02:18,119 Speaker 1: I was saying to someone earlier on I started working 50 00:02:18,200 --> 00:02:19,960 Speaker 1: nineteen eighty two, and I. 51 00:02:19,919 --> 00:02:21,480 Speaker 2: Distinctly im sure so young. 52 00:02:21,639 --> 00:02:26,200 Speaker 1: I distinctly remember in nineteen eighty two thinking to myself, 53 00:02:26,840 --> 00:02:29,639 Speaker 1: superannuation won't be a thing by the time I retire, 54 00:02:30,360 --> 00:02:33,760 Speaker 1: and so it still is. So I took care of myself. 55 00:02:34,360 --> 00:02:35,200 Speaker 1: Is that the answer? 56 00:02:36,480 --> 00:02:38,480 Speaker 2: Well, it's a mixture of both, isn't it. It's a 57 00:02:38,520 --> 00:02:42,200 Speaker 2: mixture of what the underlying government support looks like and 58 00:02:42,240 --> 00:02:45,960 Speaker 2: what the self provision looks like. The pension will always 59 00:02:46,000 --> 00:02:47,720 Speaker 2: be with us in one form or another. It has 60 00:02:47,800 --> 00:02:50,720 Speaker 2: to be, because not all people that look after themselves, 61 00:02:50,760 --> 00:02:53,560 Speaker 2: and not all people can, you know, survive forty years 62 00:02:53,560 --> 00:02:55,840 Speaker 2: of working and not working life without life shocks. So 63 00:02:55,880 --> 00:03:01,360 Speaker 2: it's really important. So you need you need financial education, 64 00:03:01,600 --> 00:03:05,000 Speaker 2: absolutely true. You need the right incentives to put money 65 00:03:05,000 --> 00:03:08,240 Speaker 2: aside at the right time. You need careful nudging to 66 00:03:08,280 --> 00:03:10,320 Speaker 2: make sure you stay on track, because God, you know 67 00:03:10,320 --> 00:03:12,280 Speaker 2: we're not perfect, are we We go off track all 68 00:03:12,320 --> 00:03:14,880 Speaker 2: the time, and all sorts of things, and we need 69 00:03:14,919 --> 00:03:18,320 Speaker 2: consistent government policy that allows us to trust the system 70 00:03:18,680 --> 00:03:20,639 Speaker 2: that says, by the time I get to the stage 71 00:03:20,639 --> 00:03:24,440 Speaker 2: where I can't work, then this is the system that 72 00:03:24,560 --> 00:03:27,880 Speaker 2: will be facing me. All right. I mean, by the way, 73 00:03:27,919 --> 00:03:29,400 Speaker 2: it's not that hard the practice it is. 74 00:03:30,880 --> 00:03:31,600 Speaker 1: Are you leaving? 75 00:03:33,040 --> 00:03:35,680 Speaker 2: I am, Yes, I am. My twom finishers in a 76 00:03:35,720 --> 00:03:38,080 Speaker 2: month or so, what are you going to do. I'm 77 00:03:38,080 --> 00:03:42,040 Speaker 2: going to semi retire, but I'll still be working in 78 00:03:42,120 --> 00:03:44,960 Speaker 2: various ways. But yes, you know, I'm doing what I 79 00:03:45,000 --> 00:03:48,280 Speaker 2: say people should always do is step down, slowly, step 80 00:03:48,320 --> 00:03:50,480 Speaker 2: off the cliff immediately. Very didn't it nice to talk to you? 81 00:03:50,480 --> 00:03:53,800 Speaker 1: Appreciate it very much, Jane Writesam, who is the Retirement Commissioner, 82 00:03:53,840 --> 00:03:56,320 Speaker 1: for another month or so. 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