There is no doubt that KiwiSaver, since introduced in 2007, has been a resounding success. The take-up rates have exceeded expectations, financial literacy has improved and increased media attention has ensured that retirement planning is firmly on the social agenda for New Zealand.

• But how does our retirement savings system stack up against the rest of the world – in particular Australia?

• What are the fundamental differences that highlight where our KiwiSaver system could be improved and in what aspects are we demonstrating world best practice?

Against a backdrop of a global financial crisis and the ongoing exodus of Kiwis to Australia, it is essential that we strive to continue to improve the  attractiveness of KiwiSaver both as an incentive to save more for retirement and as an attractive employee benefit, and for the economic sustainability of New Zealanders and New Zealand.

We have created a Point of View paper drawing comparisons between the retirement systems in both New Zealand – and the score card looks something like this:

Score 1: New Zealand – a fairer and simpler age pension system

Score 2: New Zealand – Single accounts = multiple benefits

Score 3: Australia – more incentive to self fund retirement