2 March 2005
UK Pensions delegation learns from NZ super model
This week a delegation from the UK Pensions Policy Unit is visiting New Zealand to learn more about New Zealand's
superannuation policy and the Retirement Commission.
The delegation follows the Retirement Commissioner Diana Crossan's visit to London late last year, where she met with
top officials including the Pensions Minister Malcolm Wicks, who praised New Zealand's superannuation model and the
Retirement Commission's education role.
Ms Crossan says pensions have become a major issue in the UK, and four representatives from the UK's Department for Work
and Pensions (DWP) are looking at how to adapt the British system so it is simpler and fairer.
Ms Crossan says New Zealand is the subject of international attention because its pension model is simple, affordable
and supported by an education programme encouraging New Zealanders to focus on lifelong personal finance management.
"Other countries, including the UK, are particularly interested in the ways the New Zealand Government is encouraging
people to boost their private provision. Politicians and pension experts in the UK are very interested in the concept of
a Commissioner - helping people make better financial decisions throughout life so that they are better prepared for
when they stop working," Ms Crossan said.
During their visit the delegation will meet with Finance Minister Dr Cullen and Minister of Social Development Hon Steve
Maharey, as well as Opposition Finance Spokesperson John Key, financial services industry representatives, the
Retirement Commissioner and senior government officials.
The delegation is equally interested in learning about the Retirement Commission's Sorted education programme and its
strategy to promote financial education in schools. Financial education has growing importance in the UK with the UK
government having just announced that it will be delivering a web-based retirement planner.
Also taking part in the visit is Shaun Mundy from the UK's Financial Services Authority (FSA), which is an independent
NGO funded by the private sector.
Mr Mundy said "The FSA is leading the development and implementation of a national strategy on financial capability. Our
aim is to give people the skills and knowledge they need to make sensible decisions about their money. We have been
impressed with the Retirement Commission's Sorted website and its focus on managing finances throughout life, rather
than just focusing on retirement planning. We are keen to learn lessons about how Sorted has been developed and
marketed."
ENDS