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


Super bill amended to reflect NZF's concerns

18 June 2001 Media Statement

Super bill amended to reflect NZF's concerns

"The New Zealand Superannuation Bill should now have the votes to pass after the Cabinet today signed off an amendment to reflect New Zealand First's concerns," Finance Minister Michael Cullen said.

New Zealand First wanted the provision in the Bill relating to the conversion of the Fund to an individualised scheme made tighter and more explicit.

Clause 73[3] currently states: If the House of Representatives resolves that consideration should be given to converting the balance in the Fund into retirement accounts for eligible individuals, the Guardians must report to the Minister [of Finance] and the Minister of Social Services and Employment, within 24 months of the date of the resolution, on options for doing so.

"The effect of the changes negotiated with Winston Peters and approved by the Cabinet are that the Guardians will have to report back within one year rather than two and that, instead of reporting on options generally, they should report specifically on the best means of allocating the Fund among individual accounts.

"The allocation would be to contributing taxpayers aged 18 or more and would be paid out according to the specific amount that person had paid in," Dr Cullen said.

"The Government acknowledges New Zealand First's track record of serious interest in the superannuation issue. This amendment recognises their position and ensures support to pass the legislation.

"It means we should now be able to get the legislation through this year and the Fund up and running. That is important because, until the Fund has been legislated for and the governance structures established, the money cannot be invested. It can only sit on the Government's accounts.

"I would therefore like to take this opportunity to thank Mr Peters and New Zealand First for their cooperation. I must emphasise, however, that our decision in no way indicates a shift toward support for individualisation.

"Labour and the Alliance continue to hold strongly to the view that individual accounts would prove unfair to women, low income earners and people with interrupted work histories," Dr Cullen said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Corrections Corrected: Supreme Court Rules On Release Dates

Corrections has always followed the lawful rulings of the Court in its calculation of sentence release dates. On four previous occasions, the Court of Appeal had upheld Corrections’ practices in calculating pre-sentence detention. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Gordon Campbell: On Our Posturing At The UN

In New York, Key basically took an old May 2 Washington Post article written by Barack Obama, recycled it back to the Americans, and still scored headlines here at home… We’ve had a double serving of this kind of comfort food. More>>


Treaty Settlements: Bills Delayed As NZ First Pulls Support

Ngāruahine, Te Atiawa and Taranaki are reeling today as they learnt that the third and final readings of each Iwi’s Historical Treaty Settlement Bills scheduled for this Friday, have been put in jeopardy by the actions of NZ First. More>>


Gordon Campbell: On The Damage De-Regulation Is Doing To Fisheries And Education, Plus Kate Tempest

Our faith in the benign workings of the market – and of the light-handed regulation that goes with it – has had a body count. Back in 1992, the free market friendly Health Safety and Employment Act gutted the labour inspectorate and turned forestry, mining and other workplace sites into death traps, long before the Pike River disaster. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news