retirement.org.nz

In contrast to conventional social insurance, the New Zealand retirement income system comprises a basic individual taxable flat-rate public pension supplanted by purely voluntary saving. The New Zealand system has proved remarkably durable, acceptable, and fiscally responsible. It does not conform to the World Bank's ideal of three pillars, but offers developing and mature countries a model that is worthy of careful examination. Its primary success lies in ensuring a stable and adequate retirement income for all citizens, moderating income inequality in retirement and protecting all older citizens from uncertainly in times of rapid economic and social change.
 

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Two legs are better than three: New Zealand as a model for old age pensions