Political parties given outline of KiwiSaver 2.0

The plan sets out changes that he thinks would make the scheme more robust into the future.

Whineray says contribution rates are low by international standards, access is tied to the age of eligibility for NZ Super, which makes it open to political change, and youth participation has dropped sharply since the $1000 kickstart was removed.

On top of that, contribution rates are insufficient, and people taking parental leave end up with less in their retirement savings. The distribution of Government incentives, now worth about $500 million a year, is also uneven, he says.

“They disproportionately benefit those already well engaged with KiwiSaver and are absent from early childhood, where time and compounding could do the most work.”