Balance New Zealand believes that every New Zealander who has contributed to the country throughout their working life deserves the opportunity to retire with dignity, financial stability, and peace of mind.
A sustainable retirement system must balance personal savings, employer contributions, and responsible government support. At the same time, it must recognise the physical demands placed on many workers and ensure that retirement policies remain fair and realistic.
This policy outlines Balance New Zealand’s approach to the future of Superannuation, the structure of the KiwiSaver system, and the regulation of retirement living arrangements.
Balance New Zealand supports a retirement system in which responsibility is shared among individuals, employers, and the government.
KiwiSaver plays an important role in helping New Zealanders build financial security for retirement. A strong savings framework encourages financial independence in later life while reducing long-term pressure on public finances.
Our approach focuses on ensuring the system remains affordable, fair, and sustainable while providing confidence to future retirees.
Balance New Zealand recognises that New Zealand Superannuation remains a core part of the country’s retirement framework. Superannuation provides regular payments to eligible citizens, helping support them during their retirement years after a lifetime of work and contributions to the nation.
Alongside Superannuation, KiwiSaver serves as the primary savings vehicle designed to help individuals accumulate funds throughout their working lives. Through regular contributions and long-term investment, KiwiSaver allows New Zealanders to build additional financial security for retirement.
Balance New Zealand supports maintaining both systems while strengthening KiwiSaver’s role as a compulsory savings scheme.
Balance New Zealand will retain the standard eligibility age for New Zealand Superannuation at 65 years.
However, the party recognises that not all careers place the same physical demands on workers. Many New Zealanders spend their working lives in physically demanding occupations where continuing to work into later years can become increasingly difficult.
For this reason, Balance New Zealand will allow access to Superannuation from age 63 on a pro-rata basis for individuals who have spent their working lives in manual labour and who are unable to continue working due to health issues directly related to the physical demands of their occupation.
This approach recognises the contribution of those who have committed their working lives to physically demanding industries and ensures they receive fair support when their bodies can no longer continue.
For those who wish to continue working beyond retirement age, individuals will be able to begin drawing down their KiwiSaver from the age of 65 while remaining in employment, with no requirement to continue making further KiwiSaver contributions.
Balance New Zealand supports a stronger KiwiSaver system built around shared contributions and long-term financial responsibility.
Under Balance New Zealand’s proposed framework:
There will be no opt-out option, ensuring consistent participation across the workforce.
The default employee contribution rate will be 5 percent of income, with individuals able to voluntarily increase their contribution to:
This structure allows individuals to increase their savings if they wish to build a larger retirement fund.
Employers will contribute a flat rate of 4 percent toward each employee’s KiwiSaver account.
The Government will contribute 25 cents for every dollar saved, up to a maximum annual contribution of $280 per year.
Participation in KiwiSaver will apply to individuals who:
KiwiSaver contributions will apply to income up to $200,000 per year, with income above this threshold exempt from further compulsory contributions.
Individuals will also be able to make additional voluntary payments directly to their KiwiSaver provider at any time.
Balance New Zealand supports the continued operation of the Gold Card scheme and will maintain the programme in its current form.
The Gold Card provides valuable support to older New Zealanders by helping reduce everyday costs and ensuring seniors can continue to participate actively in community life.
Balance New Zealand recognises the importance of this programme in supporting the well-being and independence of retired citizens.
Balance New Zealand recognises that concerns have been raised regarding fairness and transparency within the retirement village sector, particularly in relation to property ownership arrangements and delays in receiving payments when residents leave a retirement property.
To address these issues, Balance New Zealand will initiate a formal inquiry into the retirement village model. This inquiry will examine concerns raised by residents and families, including the processes surrounding property resale, fees, and the timing of financial settlements.
The aim will be to ensure greater fairness, transparency, and consumer protection for retirees living in retirement communities.
Balance New Zealand believes that strengthening KiwiSaver and encouraging long-term savings are essential to maintaining a sustainable retirement system.
A stronger savings culture will help ensure that future retirees are financially secure while reducing long-term pressure on government budgets.
While many financial experts recommend individuals save around ten percent of their income for retirement, Balance New Zealand’s proposed system ensures that a minimum combined contribution of nine percent from employees and employers, along with government support, provides a strong foundation for retirement savings.
These measures will help create a stable and well-funded retirement system capable of supporting future generations of New Zealanders.
Balance New Zealand believes that a fair retirement system should reward a lifetime of contribution while ensuring financial security in later life.
By strengthening KiwiSaver, maintaining Superannuation, and ensuring fair treatment within the retirement sector, New Zealand can provide a retirement framework that supports independence, dignity, and long-term stability.
Our goal is a retirement system that encourages responsible savings, protects those who have worked hard throughout their lives, and provides confidence for the future.
