Young New Zealanders face higher taxes, fewer entitlements to pay for pensions, FSC says

Sun, 10 Jun 2012

June 11 (BusinessDesk) - Young New Zealanders won't be able to access universal superannuation the country current enjoys without facing significantly higher taxes, or cutting the pension's entitlements, according to the Financial Services Council. People at or near retirement age should keep their current entitlements, but younger generations will need a new savings system where they make a bigger personal contribution to retain New Zealand superannuation, the lobby group, which represents fund managers and life insurers, said in a statemen...

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