5 April 2002

Following the release of the Treasury working paper 'The Economics of Population Aging' Labour needs to say whether it will raise the retirement age, National Superannuation Spokesperson Gerry Brownlee said today. "Finance Minister Michael Cullen needs to make it clear to New Zealanders whether a Labour Government would increase the entitlement age for superannuation from 65 to 68 or 70 years.

"National will not raise the retirement age within the foreseeable future. Given that this report, which Dr Cullen commissioned, is now in the public arena he needs to say whether Labour will entertain raising the retirement age.

"We know Dr Cullen's super scheme has a marginal effect on the future cost of pensions and a huge draw-down on current resources with a cost of $2 billion a year. He is quite clearly tempted to improve the outlook by raising the age entitlement," Mr Brownlee said.

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