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Modelling retirement income in New Zealand

A microsimulation model is presented to project the fiscal impacts of retirement income policy in New Zealand, while extending the range of policies that can be evaluated. Socio-economic variables, such as income and education, are projected along with demographic variables, such as labour force participation and mortality, to provide a more comprehensive analysis of the impacts of pension reform in New Zealand. Mortality differentials are constructed based on socio-economic and demographic variables, and are used to derive future fiscal costs. The fiscal impact of four types of pension reform is presented. The reforms include an increase in the age of eligibility, a change in the annual adjustment process, a move to communal prefunding and a move to compulsory private savings with abatement.