Over-65s made up 14.4 per cent of the population in 2014.

NZ First leader and senior citizens' champion Winston Peters isn't fazed by a new political party founded by disgruntled pensioners.

The New Zealand Seniors Party has announced its intentions to enter candidates in the 2017 election.

Members have complained about the "lack of interest" shown by the Government in the deduction of employer and employee-funded overseas pensions from the New Zealand Superannuation scheme.

But Peters, who was responsible for the introduction of the SuperGold Card in 2007 and is regularly a guest speaker at Grey Power meetings, says senior citizens' issues are not his "territory".

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"We're the only party though who have tried to do something for them...and we're the only party with a policy to help them. But if you've got a few who think they can go somewhere else and start a party and waste their supporters' money then that's their business," he said.

For every dollar a pensioner receives from an overseas pension, the New Zealand payment is reduced by a dollar.

However, some people are unaware they qualify for an overseas pension. Failing to apply for overseas pensions can result in NZ Super payments being stopped, or never started. The NZ Super payments to spouses of people with overseas pensions can also be reduced.

"Today's seniors are tired of being ignored and dictated to by politicians, government departments and their overpaid staff," the party said in a statement.

"They are educated and bring a lifetime of experience and knowledge to the table, and they are certainly capable of taking an active role in the running of their own country."

Party spokesperson Barnaby Perkins said a group of 25 pensioners met in Wellington a week ago to talk about pension deductions and agreed to form the party.

"It was a political problem and it needed a political solution," he said.

However, proper policies were yet to be decided on. The group were concentrating on getting at least 500 members to register the party. So far, they had 100 on board.

The seniors territory was usually charted by NZ First, Perkins acknowledged but he said they weren't doing enough. The NZ Seniors Party was more "specific" in its aims.

"It's not just an oldies party, it's really for anybody," he said.

"It's a horrible fact of life but you're all going to become pensioners at some stage if you're lucky enough to live long enough."

The party would also be having a view on the euthanasia and medical marijuana debates. Perkins personally was open to both.

In 2014, there were 650,000 over-65s in New Zealand, equating to 14.4 per cent of the population.

It's projected that by 2038, the number of over-65s will almost double to 1.29 million and make up almost 23.3 per cent of the population. By 2068, over-65s are forecast to make up 27 per cent of the population.

Finance Minister Bill English allocated $12.9 billion to NZ Super in the 2016 Budget.