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Super levels can't be guaranteed

Bill English National Finance Spokesperson

Thursday 8 December 2000

Super levels can't be guaranteed

A key government advisor has told the Government its super scheme can't guarantee future superannuation levels, National Finance spokesperson Bill English said today.

"Official papers show the Government's super scheme does not necessarily rule out cuts in New Zealand superannuation in the future."

Papers released under the Official Information Act include a detailed economic paper by John Lepper, a key economic advisor to the Government.

"The document sets out analysis more detailed than any Treasury has done, and John Lepper is an acknowledged expert on this sort of analysis.

"The analysis concludes "thus it is not true that a pre-funding regime will necessarily rule out cuts to NZ Super in the future".

"Up until now, the Government has maintained the scheme ensures the pension cannot be cut if this scheme is in place.

"The Government has also responded to revelations that the scheme will fund only 14% of future pensions by reducing its hype over what the scheme will deliver.

"It's good to see more realism from Dr Cullen about the limits of pre-funding," Mr English said.

Ends

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