Peters Proposes KiwiSaver Overhaul with 10% Contributions

Winston Peters, leader of the New Zealand First party, has announced a significant proposal to reform the KiwiSaver retirement savings scheme during his keynote speech at the party’s annual meeting in Palmerston North. He aims to make KiwiSaver contributions compulsory, increasing both employee and employer contributions to a total of 10 percent. To alleviate the financial burden of this change, Peters also suggested implementing tax cuts.

During the party’s 32nd annual general meeting, which attracted around 280 members, Peters criticized current immigration policies and expressed strong nationalist sentiments. He predicted a “massive political victory” for New Zealand First in the upcoming 2026 elections, highlighting a growing concern over the influence of foreign entities on New Zealand’s economy. He described the current ownership of banks, energy, and dairy companies as a “fire sale” that has left the country under offshore control.

In his speech, Peters stated that the state of the economy is “very, very, very understated,” emphasizing the need for immediate action to address what he views as the financial mismanagement by the Labour government. He pointed to “waste, incompetence, and indifference” as the reasons for the current economic challenges, asserting that the Labour Party has left a “mess” for future leaders to tackle.

KiwiSaver Changes and Immigration Policy

Peters elaborated on his KiwiSaver proposal, which would see contributions rise first to 8 percent before reaching the 10 percent target. He stated that while the policy is not being introduced immediately, he believes it could work successfully, referencing similar systems abroad. The details regarding the timeline for these changes and the associated tax cuts remain vague, as Peters did not specify figures or implementation dates.

In addition to his economic proposals, Peters addressed immigration, noting that nearly a third of New Zealand’s population consists of individuals born overseas. He emphasized the importance of a public values document that new migrants would need to sign. This policy, which he mentioned has been supported by the ACT Party, aims to address concerns about the growing number of migrants and their integration into New Zealand society.

The leader of the ACT Party, Brooke van Velden, expressed her alignment with Peters’ ideas, indicating that her department is already working on a values pledge for citizenship applicants. She intends to present this work to cabinet later this year.

Criticism of Left-Leaning Parties and Social Issues

Peters did not shy away from criticizing left-leaning parties, including Labour, the Greens, and Te Pāti Māori. He described a potential government formed by these parties as “an absolute circus” that could jeopardize the country’s economic and social stability. He accused them of fostering a divisive political climate, focused on “moral outrage” and “woke ideology.”

Addressing social issues, Peters voiced strong opposition to transgender ideology, particularly concerning its impact on women’s sports. He argued for the need to protect the rights of women and girls, stating, “No-one with a male appendage will be walking into a female bathroom.” His comments reflect a broader critique of policies related to diversity, equity, and inclusion, which he argues prioritize indoctrination over education in schools.

The annual meeting concluded with heightened security measures following previous disruptions caused by protests. Guest speakers included Australian Senator Jacinta Price, who criticized the Voice to Parliament initiative, and union organizer Dennis Maga, who spoke against recent ACT Party changes to contract law.

Peters’ proposals and critiques are likely to resonate with a segment of the electorate, as New Zealand First seeks to solidify its standing ahead of the next elections. As the political landscape evolves, the implications of his policies on KiwiSaver and immigration will be closely watched by both supporters and opponents.