Savings group proposes national tithing to fund pensions

Sun, 17 Jun 2012

By Pattrick Smellie June 17 (BusinessDesk) - A major new report on the pension system proposes New Zealanders gradually lifting their savings to 10 percent of annual income, and allowing the age of entitlement fir the universal state pensions to move up as life expectancy increases. The equivalent of the biblical system of tithing, where 10 percent of income is set aside for the church, the proposal from the Financial Services Council would allow people to start tapping their pension savings at the age of 65, and to buy insurance against pre...

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