13 November 2000 Media Statement

Act support welcomed

Act's decision to support the New Zealand Superannuation Bill to select committee was welcomed today by Finance Minister Michael Cullen.

"I note that Act is not offering support beyond the initial vote but welcome its preparedness to be constructive at least to that stage.

"This is in sharp contrast to the National caucus which has not even taken up the offer of a briefing either from me or from the Treasury on the proposed scheme," Dr Cullen said.

The legislation was now being drafted for introduction before Christmas.

"We know New Zealanders want consensus around a sustainable solution to the superannuation issue and will provide a vehicle in the Bill for the other parties to sign up as they are ready.

"They will be able to either sign up to the Bill as a whole or to parts of it. Part One will enshrine existing New Zealand Superannuation entitlements into law. Part Two will set up the financing arrangements for the New Zealand Superannuation Fund," Dr Cullen said.

ENDS

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