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New Zealand:
Referendum result
New Zealand voters have thrown out, by a large majority, the government's proposals to replace the current pay-as-you-go pension system with a compulsory funded system. The proposed Compulsory Retirement Savings Scheme was rejected by around 90% of those who voted. A major influence on this result may have been the report of a government appointed review group which argued that the existing system could remain viable if various gradual changes were made, for example by increasing the normal retirement age to 67.
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