In a submission to the social services select committee considering the legislation, Kerr said that achieving consensus and stability on retirement income policies depended on sound conceptual foundations and informed public debate.

The Accord process and the Periodic Report Groups had played a helpful role in developing the level of consensus that now exists around retirement income, including the paramount importance of economic growth and the need for greater private provision.

"This process should be continued to help shape future decision making, including longer-term modifications to New Zealand Superannuation, since its parameters strongly influence private savings decisions", Kerr said.

"The fact that last year's Periodic Review Group had biased terms of reference and produced a weak report is not a good reason to scrap the process.

"While the Business Roundtable supports the proposed functions of the retirement commissioner and an ongoing work programme by the Retirement Commission, there is still a need for such periodic, independent reports," Kerr said.

The Business Roundtable recommended that a requirement for independent reports at intervals of five years be inserted into the New Zealand Superannuation Act 2001.

This is a press release from the Busines Round Table.