Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Why Should Savers Pay Twice For Superannuation?

Why Should Savers Pay Twice For Superannuation?

United New Zealand leader, Hon Peter Dunne, is not surprised the Government has had to delay plans to pre-fund superannuation from next April.

He says the Finance Minister's proposed dedicated fund for future New Zealand superannuation is a disincentive to private savings, which is why he will struggle to get political agreement.

"People who are saving now for their retirement will resent having the Government put aside another portion of their taxes to provide future superannuation for those who have not been so prudent."

"Why should today's savers pay twice?" Mr Dunne asks.

Mr Dunne says Dr Cullen's plans amount to the "socialisation" of superannuation, and make the re-introduction of tax breaks for savings contributions virtually inevitable.

"At the moment, all Dr Cullen can do is muse about the possibility of a dedicated fund, and wonder publicly about the sustainability of the current TTE (Tax/Tax/Exempt) regime for superannuation schemes, but he has no concrete plans to deal with the issue."

"What is certain is that he is trading off the prospect of any future tax cuts for the saving generation against pre-funding everyone else's superannuation."

"Unless he protects the position of today's savers, all he will have done is replace the current politically unsustainable superannuation arrangements with a new set of politically unsustainable arrangements."

"Having better off New Zealanders pay for their own superannuation and everyone else's besides might suit Labour's and the Alliance's political agenda, but it will not resolve the problem."

"All Dr Cullen is doing is adding more confusion and uncertainty to an area already rife with both," Mr Dunne says.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Tax Working Group’s Road Map

Trying to analyse the interim report on the Tax Working Group (TWG) is like trying to review an entire All Blacks game, but at the half- time mark.

With so much still to be finalised, Sir Michael Cullen and his colleagues are going to need all the All Blacks’ fabled finishing skills to get a coherent, fiscally neutral package together by the February 2019 deadline. More>>

 

Meth Testing Report: Housing NZ "To Right Wrong"

Phil Twyford “Housing NZ acknowledges that around 800 tenants suffered by either losing their tenancies, losing their possessions, being suspended from the public housing waiting list, negative effects on their credit ratings or, in the worst cases, being made homeless.” More>>

ALSO:

No Reshuffle: Meka Whaitiri Removed As A Minister

Meka Whaitiri will be removed as a Minister with immediate effect... The decision was made after receiving a report into an incident that occurred on 27 August in Gisborne, involving Meka Whaitiri and one of her staff. More>>

ALSO:

Pay Equity Bill: Making History For Women’s Pay

The Equal Pay Amendment Bill, introduced to the House today, will make it easier for workers to make a pay equity claim , using a more simple and accessible process within New Zealand’s existing bargaining framework. More>>

ALSO:

Suffrage 125: NZ A Trailblazer For Women

“We acknowledge the work of Kate Sheppard, Meri Te Tai Mangakāhia, and all of the suffragists who tirelessly campaigned for the vote… Today we also need to ask each other: how we can continue to make our country a fairer and better place to continue the legacy of the suffragists.” More>>

ALSO:

Asylum: Refugee Quota Increasing To 1500

“The quota increase will take place from July 2020. In the meantime, we will work to increase the number and spread of refugee resettlement and support services. We need to make sure we’re prepared for this change in policy.” More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels