The Australian and New Zealand retirement systems both feature public pensions and private superannuation. But there are things to learn from the differences between the two systems. While Australians may end up with more savings in retirement, New Zealand’s system is simpler and offers more freedom.
In Australia, contributions to the superannuation system are both compulsory and higher, and you cannot make withdrawals or stop contributing except in exceptional circumstances. The Australian pension is also better targeted at those with greater need.