KiwiSaver providers urge super reform despite election delay

Industry figures say retirement settings must be addressed after the government deferred decisions to the election campaign, with superannuation now the second-biggest item in the Budget.

KiwiSaver providers are calling for retirement system reform despite the government's decision to make the issue part of the election campaign rather than address it in Budget 2026.

Finance Minister Nicola Willis acknowledged New Zealand's superannuation system would need to be changed, saying "this is not a tomorrow problem, it's for today". Superannuation is now the second-biggest government expense behind healthcare.

Willis said "in the absence of doing anything about our settings for the future, we will be committing a huge act against inter-generational equity".

Kernel founder Dean Anderson said no conversation occurred around superannuation age or KiwiSaver access age in the Budget. He said "Lift the age of NZ Super to 67. Lower the KiwiSaver access age to 60. Build a genuine bridge between working life and the pension. That's the kind of reform that matches the rhetoric".

Rupert Carlyon, founder of Koura, said Willis acknowledged the system was untenable but was not doing anything about it. Generate investment specialist Greg Smith said the government had prioritised repair, resilience and control over new giveaways.