As the cost of superannuation soars and the population ages, New Zealanders are being told to expect a little less help from the government.

Shares in retirement village operator Summerset will begin trading on Tuesday – Melbourne Cup day – after its initial public offer closed fully subscribed, raising $123.6 million.

Nuplex is searching for a new managing director as John Hirst retires after 43 years service at the company.

Mr Hirst, who has been employed by Nuplex or its predecessors for almost his whole working life, announced today that he would retire at the end of this financial year.

“I can promise you that I will do everything in my powers to ensure that it is a good one for both shareholders and employees of the company,” Mr Hirst told shareholders.

Nuplex chairman Rob Aiken acknowledged Mr Hirst’s contribution over the course of his career.

Retirement can help you sleep easier, particularly if you retire early with generous pension payments.

Researchers at the Univeristy of Turku in Finland studied 14,714 people who had retired from the French national gas and electric company; 79% were men and only 4% retired due to health reasons.

Their average retirement age was 55.

The research, published in the journal Sleep, followed the workers for seven years before they retired and seven years afterwards to examine what effect retirement had on sleep patterns.