The role of private savings and how Kiwi women will fare when it comes to retirement income are among the terms of reference for the latest Review of Retirement Income Policy released publicly today.

Every three years, the Retirement Commissioner examines retirement income policies and practices to assess their effectiveness and identify future issues. The resulting Review of Retirement Income Policy will be presented to Government in late 2013.

Retirement Commissioner Diana Crossan says the review is an important tool for ensuring the Government is aware of the facts, any emerging trends, and new developments that could affect the long-term future of retirement income policy.

"The decisions we make now about retirement income potentially have consequences for generations to come. We need to regularly review and assess where we are to ensure universal New Zealand Superannuation is available for Kiwis who are currently in their 30s and 40s.

"Our ageing population and the global financial crisis of recent years make these issues more relevant than ever," she says.

The findings of the review will help provide policy stability and inform policy development. The terms of reference for the review will cover five main topics. They are:

1. An update of, and commentary on, the developments and emerging trends in retirement income provision since the 2010 review, both within New Zealand and internationally.

2. A discussion of the intergenerational impacts of New Zealands retirement income policy, with due consideration given to:

a). the effects of increased longevity on present retirement savings schemes;

b). alternative retirement savings approaches; and

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Focus for retirement policy review released