TAKE THE CUE

Thirty three years ago our first wives departed the scene together.   Not to return.  To say this experience was somewhat stressful at the time is correct.  Especially considering our age and lifestage.  I was in my early thirties – he in his mid twenties.

We played cricket together in the Horowhenua club competition and represented our district at various times against semi provincial areas.  I was first change bowler and he the keeper.  We did ok but we were probably more social than we should have been – for both our sport and our marriages.  He was from Naenae and had lost his Dad at a young age as had I.   He a school teacher and me in the Insurance industry.  We both enjoyed debating politics although it was obvious when it came to monetary policy that our ideologies were dissimilar.  We are both strong personalities.  He captained the club side and I often opened the batting and the bowling and assumed I was the captain.  We are not easily swayed when it comes to political debate.

Although our relationship has not been as close after our second marriages and our careers have take us to different parts of the lower North Island – we have stayed in touch.

Last Saturday night we celebrated.  Not the election for that was seldom discussed by the room full of their rellies and work mates.  And nor did Sally and I raise the topic its not why we were there although we checked the results.  We were guests for the celebration of their thirty years of marriage and retirement.  Age 60.  Their two daughters assisted with the evenings arrangements, mixed and mingled as you would expect with the upbringing and education and love that has obviously been imparted.  It was a great night.  We wandered home at around 12.30am.

But that’s not the purpose of this epistle.  Around 33 years ago he had the opportunity to withdraw from the Teachers Superannuation Scheme.  I can’t remember the details as to why the scheme was made voluntary.  Perhaps it coincided with Muldoon promising a comprehensive Superannuation for everyone at age 60 (not means tested). Muldoon won the election and rolled the Norman Kirk/Roger Douglas at work super.

We discussed his retirement options at the time.  I had no hesitation in supporting his thought process.  Our lifestyle habits were somewhat questionable, the only thing that I didn’t do that he did - was gamble.  For the next 30 years he contributed to the Teachers super.  For 30 years – less the years she was having babies his new wife also contributed to at work super.  Within the DHB’s – primarily .  On Saturday at age 60 with a freehold home in Lower Hutt and two daughters ready to make their own way (both in Melbourne) they will pull the pin and niggle at me to go travelling with them.  Their savings and investments sufficient to provide them with the lifestyle they desire.

At the time (33 years ago) the Insurance industry was launching into Unit Trusts – they had introduced products called ‘unbundled’ insurance policies – a type of combination savings and insurance product.  Prior to that the insurance industry predominantly sold ‘Whole of Life’ and ‘Endowment’ contracts.

At the same function on Saturday night was a mutual friend.  He too a teacher, aged mid twenties 33 years ago.  Same option with the Teachers  Scheme.  He withdrew his accumulation at the time and commenced personal savings into an on call accumulation fund – with me.  I hasten to add I had nothing to do with his decision to withdraw from the Teachers  Superannuation Scheme (a subsidised scheme) I disagreed vehemently.

On the night, 33 years later there was a chasm between the two couples.  Whilst both men have excelled at their profession and held various senior teaching roles throughout New Zealand their decision 33 years ago will shape their lives for their next 30 years.  I’m privileged to have known them both, played sport with them and debated with them over time but the choices now for them will be driven by the decisions and delayed gratification they made when much younger men.  One has retired – the other thinks age 70 is more than likely the minimum age he could consider opting out.  I don’t know what you think but I can imagine the teaching profession being under more pressure not less as the Nats and Hekia drive change.  Another 10 years of that is likely to take a mental and physical toll.