PETERS WELCOMES ISI REPORT

Deputy Prime Minister and Treasurer Winston Peters welcomed the Investment Savings and Insurance Association commissioned report on retirement savings, and renewed his call for a Savings Accord.

"The ISI report clearly states that New Zealand has just three to five years to put policies in place to avoid serious economic problems by 2040.

"This report shows that we need to take immediate action and look at all the options before us to ensure both that we can guarantee dignity in retirement for all New Zealanders in the future, and to ensure that our current account deficit is brought down to acceptable levels.

"The ISI report has identified some options, such as removing tax incentives to save in some areas as distinct from others, and we need to use their report as a basis for tackling this issue.

"A multi-party Savings Accord presents a fresh start to these problems.

"I intend to write to all parliamentary party leaders to ask for their support in forming a Savings Accord so that we can deal with the savings issue together for the good of all New Zealanders," Mr Peters said.