The other big issue on the table is decumulation – the drawing down of KiwiSaver and other investments after retirement. The Retirement Commission is doing work in this area and its review of retirement incomes policies is due to be presented to the government in December.

All four panellists say decumulation is becoming increasingly important but there is scant advice – and even fewer products – in the market to help retirees ensure they don’t outlive their savings.

As part of its initial work, Wrightson says the commission is preparing some scenarios around spending: what does 65-70 look like? What about 70-75? Or over 80? Could it become compulsory, as in Australia, for KiwiSaver funds to be transferred to an annuity where members get a mandated withdrawal amount?

St John says she is worried about the projected rate of dementia, currently 170,000 people but estimated to be double that by 2050. “It really concerns me that people with cognitive decline are not capable of managing lump sums.”

By 2050, instead of four working-age people per retiree, there will be two and 25% of people will be over 65. All baby boomers will be over 85 “with all the needs that will impose on society” and 20% of 65-year-olds are expected to live beyond 95. “So, KiwiSaver will be a drop in the bucket when looking at coping with that situation,” St John said.

The average KiwiSaver balance is around $30,000.