PPI: Could we take pensions advice from Kiwis?

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PPI: Could we take pensions advice from Kiwis?

Thu 10th Jul 2008

Pensions in the UK and New Zealand are to be compared at a Pensions Policy Institute (PPI) seminar today. (July 10)

Speakers include Cathy Magiannis, programme director of New Zealand's KiwiSaver scheme in an event hosted by Hewitt Associates.

New Zealand is the first country to bring in a national system of auto-enrolment into retirement saving, through KiwiSaver.

Around two-thirds of those auto-enrolled have remained in it.

Niki Cleal, PPI director, said that some of the key risks of auto-enrolment in the UK do not apply to the same extent in New Zealand, such as interaction with means-tested benefits and risk of employers "levelling down" existing pensions.

The PPI said people should be "wary of simple comparisons" between the two countries.

Last month, a report from the Think Tank for Action on Social Change (TASC) in Ireland and Trinity College Dublin's pension policy group called on the Irish government to adopt policies based on the New Zealand system.

This would include a social insurance pensions and cuts of tax incentives for private pensions, RTE Business reported.

Gerry Hughes of Trinity said the cost of Irish public pensions and tax breaks for private pensions was the same as for New Zealand in total.

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