McKelvie IanNew Part 3 Changes to the age of eligibility for New Zealand SuperannuationIAN McKELVIE (National—Rangitīkei): Thank you Madam Chairperson Tolley. It is interesting. This is the first time in my time in Parliament that I've had the opportunity to move an amendment twice in a day. The world must be changing or has changed I guess.This amendment requires the Retirement Commissioner to report on the impact of the Families Package (Income Tax and Benefits) Bill 2017 on the well-being of retired persons. If you think about when we add a payment like this or like the winter energy package to superannuation it is effectively there for ever because it would be very difficult for future Ministers or Governments to take that away in my view. So as a consequence of that I guess it really becomes part of the superannuation package in New Zealand and the concern about these sorts of payments being added to a superannuation package is whether that superannuation remains sustainable in the future.The reason for inserting this part in the bill is that to get the Retirement Commissioner to provide that reporting will ensure that in the future superannuation in New Zealand is sustainable. Of course we've seen a number of reports from the Retirement Commissioner over the past few years stating quite clearly that she feels that superannuation in its current form is not sustainable in the long term. That's what drove the previous Government to look at changes to the entitlement age of superannuation some 20 years in the future from now. By adding a payment like this to the superannuation entitlement that puts a whole lot more pressure on this sector of the Government's accounts. So I think that it's very wise that we get the Retirement Commissioner to look at this to review it and to report on the significant policy changes that have taken place as a result of this quite significant payment being added to superannuation on an annual basis.So the aim of this is to ensure the sustainability of superannuation in the future and I think that's pretty important. We've got of course the Superannuation Fund which will kick in in some 20 or 25 years' time. So that gives the opportunity to add more money to the superannuation system in New Zealand. But in the short term this is going to put more pressure on the system. I think that to provide an annual report on the impact of the Families Package which are the benefits that come from the family package announced in this bill is a very sensible move for us in New Zealand.I obviously have a very strong interest in the future sustainability of superannuation in New Zealand as we all do. I think it's important that we are able to ensure for all of our community whether they are young old or wherever that the Government is in the future going to be able to maintain this entitlement that all New Zealanders feel they are entitled to and certainly that they have. It is most important that we ensure that this is sustainable. In adding Part 3 to this bill—it is a pretty simple part—it requires the Retirement Commissioner at least to report on the sustainability of superannuation in the future.I think it's a very good move. I think I've probably said all I need to say on it. I think it would be an effective tool for the Government to use in the future and it will certainly add something to the strength and the comfort of superannuitants in the future. So thank you Madam Chair.