Superannuation – Cullen’s Waterloo
ACT Finance spokesman Rodney Hide said today that Finance Minister Michael Cullen had promised for future retirees but was now delivering nothing.
“Superannuation is Michael Cullen’s Waterloo. He’s hiked the pension but made no provision for paying for it in the future.
“Dr Cullen was going to have a separate savings fund. He declared that was the key to making superannuation sustainable. He never fleshed out the details – and now he tells New Zealanders that his plans are on hold.
“Michael Cullen was going to put the $170 billion value of future pension liabilities on the government books as legal debt. Now that idea has gone into cold storage.
“ACT always said his ideas were barmy and would never see light of day. Cullen has now put them in the too-hard basket.
“But the problem of superannuation funding into the future remains. Dr Cullen might have the best super package for himself in the country – but he’s done nothing for the next generation of retirees except make their retirement more precarious. We desperately need a government that will face the facts on superannuation and stop selling future generations short,” said Rodney Hide.