RETIREMENT INCOME, KIWISAVER AND NZ SUPERANNUATION (NZ SUPER)

Most major parties propose strengthening retirement savings, vital to helping the country afford retirement in the future.

NZ Super eligibility stances at a glance

ACT would remove tax on KiwiSaver earnings, to allow more investment returns to stay in members' accounts – but it would get rid of the government KiwiSaver contribution. It supports increasing the retirement age to 67 by 2035, with a carve-out for people who have worked in physical jobs.

The Greens also opposes increasing the entitlement age and would restore a requirement that people have lived in New Zealand for at least 10 years before receiving NZ Super (this requirement has been increasing incrementally).

Labour plans to increase compulsory employer contributions to 6% by 2032 and lift the default employee contribution rate to 4%. It would also stop employers from bundling KiwiSaver contributions into total remuneration packages. It opposes raising the entitlement age and also wants employer KiwiSaver contributions to continue after age 65.

National wants KiwiSaver to become compulsory for all workers, with automatic enrolment at birth and a $1,500 ‘baby boost’ contribution. Employer KiwiSaver contributions would continue after age 65. It has said it supports raising the age of entitlement to NZ Super to 67 from 2044 but is looking for a cross-party discussion first.

NZ First wants NZ Super eligibility restricted to New Zealand citizens from 2029 and opposes any increases to the entitlement age. It supports KiwiSaver becoming compulsory, with employee and employer contributions increased to 8 percent initially and eventually to 10 percent, plus an automatic government contribution of $1000 at birth.

The Opportunities Party (TOP) supports compulsory retirement savings and would gradually increase both employer and employee contribution rates to 6%.

HEALTHCARE

Healthcare remains a major concern for older New Zealanders, as our survey earlier this year showed. This is particularly so when it comes to access to GPs, medicines and specialist treatment.

ACT wants new national cancer centres in Auckland and Christchurch and would increase medicine funding gradually to reach Australian spending levels by 2033. It also supports implementing recommendations arising from the review of the End of Life Choice Act.

Labour would introduce a ‘Medicard’ providing three free GP visits each year. It also plans to expand the role of community pharmacies, allowing them to treat more conditions and manage stable long-term illnesses.

It also proposes a Family Doctor Loan Scheme to help GPs buy into community practices and guarantee jobs for New Zealand-trained graduate nurses.

National plans to increase Pharmac's medicines budget by $604 million, funded partly through reductions in foreign aid spending outside the Pacific. It also plans to expand cancer screening programmes.

Te Pāti Māori wants to rebuild the Māori Health Authority and place greater emphasis on preventing illness rather than treating it. This shift from treating illness to preventing it also underpins NZ First’s policies.

TOP proposes increasing overall health funding to 9% of GDP, with a stronger focus on primary, community and preventative care.

COST OF LIVING

Food prices

Grocery prices remain a major pressure point, particularly for retirees on fixed incomes. Most parties agree supermarket competition needs to increase, but they propose different ways of achieving it.

The Greens have taken the most interventionist approach, proposing a government-owned supermarket chain called KiwiMart.

Labour would require supermarkets to separate wholesale operations from retail businesses and introduce new measures to prevent large companies with excessive market power from setting prices too high.

National would split Foodstuffs' supermarket brands into separate companies if the Commerce Commission determined the move would benefit shoppers.

NZ First proposes a similar break-up, but into two nationwide co-operatives, also designed to create stronger competition with Woolworths,

TOP would strengthen the Commerce Commission's powers to break up dominant market players.

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Power bills and solar energy

Rising electricity prices have become a real bone of contention for many retirees.

ACT favours keeping the current gentailer model but making changes to electricity market settings to increase competition, including allowing households with solar to sell surplus electricity to a buyer of their choice.

The Greens would offer zero-interest loans, legalise plug-in solar systems and give renters stronger rights to install solar equipment. It also wants to create a publicly owned ‘KiwiPower’ entity to invest directly in new renewables.

Labour would offer government-backed low-interest finance for home solar systems, allowing households to repay the cost through future power savings.

NZ First wants to split up the power gentailers, while National supports a similar home solar model to Labour, but using low-interest loans secured against residential properties through councils and central government and has created an ‘Electrify NZ 2.0’ nine-point plan.

TOP is proposing low-interest loans for home electrification and would look for cross-party agreement to add 30GW to the grid by 2050, reduce the number of power distributors and ringfence government profits from power to go towards investment in renewables.

TAX

Tax policy may also influence how seniors vote, with some novel approaches on the table.

The Greens would introduce a wealth tax on the assets of very wealthy New Zealanders, increase taxes on higher-income earners and raise the corporate tax rate for large companies.

Labour would introduce a 28% capital gains tax on investment property sales from July 2027, with revenue from this earmarked for healthcare.

National is campaigning on no new taxes but has indicated it could consider future tax cuts if government finances improve after 2029.

Te Pāti Māori proposes removing income tax on earnings up to $30,000, reducing tax on incomes below $60,000, and introducing a range of additional wealth and property taxes. It would also create a "kai credit" to help lower-income households with food costs.

TOP proposes a 1.75% annual land tax to help fund a universal citizens' income. The party says superannuitants would receive an additional top-up to NZ Super levels under the scheme and could defer their land tax payments.

RETIREMENT VILLAGES AND OTHER ISSUES

Retirement village reform is one area where both major parties are promising change.

The Greens are proposing a state-owned, not-for-profit retirement village system as part of a broader seniors' strategy. They also support significant investment in passenger rail, including an overnight Auckland-Wellington service.

Labour would require retirement villages to repay departing residents or their estates within three months, with this applying to existing residents and contracts, as well as future ones.

National supports compulsory repayment within nine months and would require villages to pay 10% of their net termination proceeds within four weeks of leaving a village. This would apply to occupation right agreements signed one year after the legislation comes into force.

NZ First has proposed buying back Bank of New Zealand from Australian ownership.

Lifetime Retirement Income does not endorse any political party, candidate or policy. This article is for general information only. We encourage readers to do their own research before deciding how to vote.

KEY RESOURCES:

Below are some useful resources used for this article and where you can find more detail on what each political party is proposing.

The Conversation Policy Tracker

Policy.nz

RNZ Election Policy Guide 2026