BACKGROUNDER
11 June 1998
ISI Report Aims To
Stimulate Debate Over Super
Previous studies
of retirement income policy have presented too optimistic a view of the country’s
ability to meet the expected costs of the impending surge in numbers receiving NZ
Superannuation.
The simple fact
is that, while we have time to address the hard questions, we must use that time
constructively, not as an excuse for inaction.
The objective of
the ISI (Investment Savings & Insurance Association of NZ Inc) in commissioning their
report on retirement income policy, is to illustrate the type of priority action and the
broad policy framework needed, if we are to manage the risks associated with a rapidly
ageing population.
With the
‘baby boomer’ generation edging nearer to retirement age, the ISI Report is
intended to provide a ‘wake up call’ to politicians and the public alike that we
must not squander the current ‘window of opportunity.’
The ISI report
builds and expands on the work undertaken in 1992 and 1997 by the Todd Task Force and the
Periodic Reporting Group respectively. But while the Todd reports placed their major
emphasis on fiscal (i.e. affordability and sustainability) considerations, the ISI study
considers fiscal impact to be just one part of the equation.
The report is
expected to outline key policy areas which the Government could move in to manage the
economic risks we will need to address in the future.
The report will
also contain substantial new economic research, based on but enhancing the Treasury model
used to plot the future fiscal cost of NZ Superannuation.
Biographical
details
Roger Gill
Chief Executive, ISI
Prior to the
merger of the LOA (Life Offices Association) and the IFA (Investment Funds Association)
Roger was Executive Director of the IFA. From 1991-93 he was Chief Executive of the
National Party. From 1982-91 Roger was Executive Director of the NZ Stock Exchange. He
holds Bachelor of Arts and Law degrees from Victoria University.
Ross McEwan
Chairman, ISI
Ross has over 11
years of senior management experience in the financial services industry. He is currently
Chief Executive New Zealand for National Mutual, heading up its risk, lending and funds
management businesses following the recent restructuring which drew together National
Mutual Financial Services, NMFM, and National Mutual Health. Prior to joining National
Mutual he held positions with Unilever and Dunlop New Zealand.
Paul Fyfe
Deputy Chairman, ISI
Paul is Managing
Director of Armstrong Jones (NZ) Ltd. He has been involved in the investment management
industry since 1968. Prior to joining Armstrong Jones Paul was General Manager of Silmanco
Services (previously responsible for the investment management and administration of the
SIL Mutual Fund).
About the
authors:
Gareth Morgan
Managing Director, Infometrics
Gareth heads
Infometrics, a firm specialising in economic forecasting and analyses of the New Zealand
and Australian financial, labour and product markets. He conducts more than 150 seminars a
year to private and government executives and is frequently engaged as a keynote speaker
to industry conferences. He holds a BA(Hons) in Econometrics, Development Economics,
Macroeconomics and Monetary Economics, and a PhD in Economics from Victoria University.
Jonathan
Eriksen Managing Director, Eriksen & Associates
Jonathan is an
Actuary and Employee Benefit Consultant with 25 years experience in NZ. He specialises in
superannuation and investment advice to Trustees and advises investment managers on
product design
David
Caygill Partner, law firm Buddle Findlay
Born and educated
in Christchurch, David graduated with a BA and LLB(Hons) from the University of
Canterbury. He represented his home district of St Albans for 18 years, including six
years as a Minister of the Crown (1984-90). After leaving Parliament in 1996 David
returned to his former profession as a lawyer. He is a partner in the national firm of
Buddle Findlay.
The ISI is an
industry association representing 30 major institutions in the financial services sector.
Its members manage around $20 billion in investments for some 1,500,000 New Zealanders.
For further
information contact:
Roger Gill
Chief Executive
ISI
Tel: (04)473 8730
